Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
US shale producers called to OPEC balancing effort
by Daniel J. Graeber
Washington (UPI) Oct 10, 2017


Operators working in shale basins in the United States are called on to do their part to bring the oil market back to balance, OPEC's secretary general said.

Members of the Organization of Petroleum Exporting Countries and a handful of non-member states started an effort to drain the surplus on the five-year average in global crude oil inventories through managed production declines in January. The agreement stands until March.

Speaking at an energy conference in New Delhi, OPEC Secretary General Mohammad Sanusi Barkindo said oil demand growth in 2018 should be "quite robust," while commercial oil stocks in the world's advanced economies continues to fall.

Barkindo said the effort in part helped the energy sector emerge from the "most vicious of all oil cycles," with oil prices tanking below $30 per barrel last year on oversupply concerns. Strong U.S. oil production and a previous OPEC policy of defending market shares with robust output contributed to the oversupply last year.

At the podium, the secretary general said it was the responsibility of all producers, conventional and unconventional alike, to contribute to the balancing effort.

"We urge our friends in the shale basins of North America to take this shared responsibility with all the seriousness it deserves, as one of the key lessons learnt from the current, unique supply-driven cycle," he said.

Federal U.S. data show total domestic crude oil production for the week ending Sept. 29 at 9.5 million barrels per day, up more than 1 million barrels per day from the same period last year. The four-week moving average for U.S. oil production is up 11.8 percent from last year.

U.S. output was curtailed during last year's market downturn, though shale oil production in general has been more resilient to lower crude oil prices than anticipated. With West Texas Intermediate, the U.S. benchmark for the price of oil, trading at a significant discount to most other rival grades, industry analysts said it's likely that more, not less, U.S. crude oil will wind up on the global market.

Barkindo stressed, however, that the oil market is a global one.

"We all, at the end of the day, when all is said and done, belong to the same industry and operate in the same markets," he said.

OIL AND GAS
Liquefied natural gas may carve out a niche in India
Washington (UPI) Oct 9, 2017
Liquefied natural gas could help satisfy growing energy demands in India, especially if commodity prices continue to improve, Wood Mackenzie found. In its October forecast, the Reserve Bank of India predicted inflation would hold steady at 4.5 percent through 2019 and real gross value added growth, the grand total of all revenues, should increase from 6.7 percent through 2018 to 7.4 per ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
NGOs slam UN aviation agency plan for biofuels

Breakthrough in direct activation of CO2 and CH4 into liquid fuels and chemicals

Surrounded by potential: New science in converting biomass

A key step in synthetic fuel production from seawater patented by NRL

OIL AND GAS
Saudi Arabia opens bid for 'utility scale' solar project

Scientists propose new way of increasing the efficiency of solar batteries

Governor Brown Sends SCE to CEC Investigation and ABC Solar Files CPUC Petition to Censor SCE

New efficient catalyst for key step in artificial photosynthesis

OIL AND GAS
Wind farms in Atlantic could power the world: study

Germany gets economic lift with wind energy

French energy company to build wind power sector in India

Finding better wind energy potential with the new European Wind Atlas

OIL AND GAS
Japan government, TEPCO liable for Fukushima crisis: court

New 'molecular trap' cleans more radioactive waste from nuclear fuel rods

Largest Nuclear Training Center In France Opens Its Doors

BWXT awarded contract extension for nuclear waste facility operations

OIL AND GAS
Auditor slams Canada on lack of climate actions

Drought not dingos behind mainland Australia tiger extinction: study

Cost of climate disasters to reach half of US growth in a decade: report

Science denial not limited to political right

OIL AND GAS
The U.S. needs at least twice as many charging points for EV

Uber competitor hits Paris roads with Chinese help

Battery technology keeping electric car adoption in the slow lane

UK car sales skid lower in September on poor consumer confidence

OIL AND GAS
Iraq flight ban halts dig for lost ancient city

Iraq forces retake centre of IS bastion Hawija: army

Iraq forces claim recapture of IS-held areas near Hawija

Shiite pilgrims throng Iraq's Karbala for mourning ritual

OIL AND GAS
N. Korea chemical arms a concern for peace

North Korea's Kim 'very rational': CIA

Trump weighs 'decertifying' Iran nuclear deal

Pentagon chief says US admin backs Tillerson's North Korea effort




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement