The combined Whiting Kodiak reserves have grown 29% to 780 million bbl. The bank has increased Whitings available credit line to 4.5 Billion.
Whiting is set to ride out the storm and prosper in this difficult market
"The Canadian unit of China National Offshore Oil Corp., or Cnooc, said Sunday it has halted oil production in Yemen due to an unspecified “security threat” to its personnel in the Arabian country. The shutdown affects the Yemeni assets of Cnooc’s Canadian subsidiary Nexen ULC, which operates a crude oil field and processing facility in the country. It comes after the pro-U.S. government of Yemen collapsed in September amid a civil war. “We’ve determined there is a security threat and undue risk” in Yemen, said a spokesperson for the Calgary-based Cnooc subsidiary. “The shutdown was progressed in a timely manner, production has ceased and our personnel have safely departed,”
That's it folks, an oversupply of just 200,000 bbl of production vs consumption. Does anyone really think these low prices won't give demand a big kick in the behind
"(1) Supply. World crude oil production soared to a record 93.0mbd during October. That’s up 3.3mbd in just the past five months! Over this period, non-OPEC output is up 2.0mbd, while OPEC output is up 1.3mbd. Furthermore, over this five-month period, the combined oil production of the US and Canada rose 0.9mbd to a record 12.7mbd, well exceeding that of both Saudi Arabia (9.6mbd) and Russia (10.6mbd).
(2) Demand. World crude oil demand rose to a record 92.8mbd during October. However, the growth rate slowed to 0.8% y/y, the slowest since May 2012. That slowdown is attributable to the advanced economies of the 34 members of the OECD. Their oil demand growth rate has been slightly negative for the past six months.
My assumption is that the oilers share prices will rise before the price of oil. Big boys will want to get reestablished with stock before letting oil rise
It's is an opportunity for Caliber. They are already stripping ng liquids out of the gas before compressing for the pipeline
"Libya’s oil output fell below its own consumption as fighting spread to Mellitah, a region that hosts the country’s fourth largest oil port, the state petroleum company said.
National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after an attempt by Islamist militias to capture them. Force majeure is a legal status that protects a company from liability when it can’t fulfill a contract for reasons beyond its control."
Chad, it would pay for you to do a little research on Wahhabism and then remember that 19 of the 20 9-11 hijackers were Saudis
The situation today is much different than the last several times oil prices plunged. Those drops were caused by big drops in economic activity and falling demand. Today demand is still rising albut at a reduced rate and the stimulus of this drop in oil prices is going to kick start economies all across the globe
And therefore anyone living in NY will continue to pay ridiculously high taxes. SAD
Anyway you slice it lower oil prices are a big plus to the world economy. A pick up in world economic activity will sop up the excess supply.
What I took from the article is the US shale oil production may be far more resilient than expected. The real pain will be felt by Venezuela, Russia, Nigeria and others using oil income to support their socialist economies. Even the Saudis are at risk here as it is estimated they need mid 80 prices to pay for all of their social programs. Of course they have a big cushion in cash reserves.
Sewells, very sad but true commentary on the American public. True comprehensive history is not being taught in this country and we will pay the price eventually