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Oil Industry Headlines: Week of February 1
Mexico’s state-owned oil company, PEMEX, recently signed two extension agreements with Exxon Mobil Corp. Due to a constitutional ban on foreign investment in the country’s oil sector, the accord only allows for non-commercial collaboration efforts on exploration research and development. The two entities plan to “share experiences in electromagnetic soundings to reduce exploratory risk in deep water,” reported the Dow (read full article »)
Published in Industry News | on Thursday, February 7th, 2008
Oil Industry Headlines: Week of January 25
In an e-letter sent to employees, Shell’s Chief Executive Jeroen van der Veer wrote, “Shell estimates that after 2015, supplies of easy-to-access oil and gas will no longer keep up with demand.” As the era of easy oil ends, the era of cheap oil goes with it. Unconventional oil, which requires significantly more investment to recover, is expected to help (read full article »)
Published in Industry News | on Thursday, January 31st, 2008
Oil Industry Headlines: Week of January 18
George Clooney has been invited to Nigeria by the country’s most influential militant group, the Movement for the Emancipation of the Niger Delta (MEND). According to the Associated Press, MEND congratulated Clooney on his recent appointment as a UN “messenger of peace” and “invited him to visit the impoverished region, which has been wracked by two years of fighting, (read full article »)
Published in Industry News | on Thursday, January 24th, 2008
Oil Industry Headlines: Week of January 11
In Nigeria, the Movement for the Emancipation of the Niger Delta (MEND) is stepping up attacks in an attempt to secure the release one of its leaders. Henry Okah was arrested in Angola last year on charges of arms dealing. In exchange for his release, MEND is offering to halt its attacks on the nation’s energy sector and Nigerian military. (read full article »)
Published in Industry News | on Thursday, January 17th, 2008
Oil Industry Headlines: Week of December 28
On the first day of trading for 2008 crude oil hit the long awaited benchmark of $100. For more on this historic event, view our report Investing: Oil Hits $100. In Nigeria, vandalism continues to cripple the oil and gas industry in this commodity rich country. Now a spokesman for the Nigerian National Petroleum Council (NNPC) has accused wealthy (read full article »)
Published in Industry News | on Thursday, January 3rd, 2008
Investing: Oil Hits $100
“The $100-per-barrel scenario, while it may not be reached this year, is likely to occur in the not too distant future. The supply-demand issue is not going away and the days of cheap oil are for the history books.” — Senior Oil Analyst Colney Turner on December 28, 2007
Colney Turner didn’t have to wait very long (read full article »)
Published in Industry News | on Wednesday, January 2nd, 2008
Analyst examines the “financialization of oil”
Leo Drollas, a London-based analyst for the Centre for Global Studies, told the Gulf Times recently that he sees a major shift in the oil investment market. According to Drollas, the “‘financialization of oil,’ or the use of oil as an investment product for speculators and even pension funds, was a key theme of 2007 that was set to continue (read full article »)
Published in Industry News | on Sunday, December 30th, 2007
Oil Industry Headlines: Week of December 21
In a statement released by Nigeria’s most influential militia, the Emancipation of the Niger Delta (MEND), operations used to sabatoge regional oil company operations will be briefly suspended. In a statement released to reporters, MEND said that � “Effective 12 midnight, December 25,2007, the Movement for the Emancipation of Niger Delta will observe a 24 hour ceasefire in the spirit (read full article »)
Published in Industry News | on Friday, December 21st, 2007
Oil Industry Headlines: Week of December 14
Nigeria’s most influential militant group, Movement for the Emancipation of the Niger Delta (MEND), has issued a plea to competing factions. “We call on all genuine militant groups to unite and cripple the oil industry in Nigeria once and for all and stand strong to face a common enemy. The time has come for all breakaway factions to come together (read full article »)
Published in Industry News | on Thursday, December 20th, 2007
Oil Industry Headlines: Week of December 7
Speaking before the Senate’s subcommittee on energy, EIA Administrator Guy Caruso predicted that the average price of crude would rise approximately 18% in 2008 to $85 a barrel, reported the Associated Press. He added that “Speculators and others have moved toward investing in oil markets because of tight fundamentals . . . In other words, high oil prices are likely (read full article »)
Published in Industry News | on Thursday, December 13th, 2007
IEA Crisis Director Calls For More Oil and Gas Investment
Aad Van Bohemen, Director of Crisis Management at the International Energy Agency, recently made a surprising remark during an interview that aired on the Dutch television channel RTL-Z: Interviewer: Are you optimistic about the oil market? Bohemen: The IEA is not optimistic. We see a gap developing in the future between demand, if nothing is done to (read full article »)
Published in Industry News | on Wednesday, December 12th, 2007
Investing Beyond $100 Oil: Part II
As discussed in Part I, the International Energy Agency is predicting that a severe oil supply crunch in the next five years is likely to drive oil prices to record levels. Of course, this is exactly why Gilpin thinks this is a great time to consider investing in oil and gas. “As the petroleum age reaches a tipping point, (read full article »)
Published in Industry News | on Tuesday, December 11th, 2007
Investing Beyond $100 Oil: Part I
The significant gains we’ve witnessed in certain energy stocks are nothing compared to the gains we will witness as the next energy crisis comes into full effect. - Chris Gilpin
In a recent article, Is $100 Oil Cheap?, Casey Research Contributing Editor Chris Gilpin discusses the rapid decline of the world’s giant oil fields and what it means for your (read full article »)
Published in Industry News | on Monday, December 10th, 2007
Oil Industry Headlines: Week of November 30
Recent surges in international crude oil prices have caused unique problems in China, where the government imposes controls on fuel pricing. Chinese oil refiners, who buy crude on the open market, recently scaled back operations to almost nothing in order to avoid selling refined products at heavily discounted, state-set rates. The resulting national shortage in fuel supplies prompted Chinese officials (read full article »)
Published in Industry News | on Thursday, December 6th, 2007
Oil Industry Headlines: Week of November 23
U.S. consumers may see a significant spike in fuel prices after a major pipeline explosion in Clearbrook, Minnesota. Two workers were killed, and over one million barrels of Canadian crude per day have been shut off. The cause of the explosion is not yet known. According to Reuters, “There was no word on when line 4, the biggest of the (read full article »)
Published in Industry News | on Friday, November 30th, 2007
Oil Industry Headlines: Week of November 16
Light, sweet crude for January delivery hit a record high of $99.29 in early trading on Wednesday, surpassing Nov. 7th’s record of $98.62. Although crude oil and gasoline inventories rose in the U.S., global demand growth continues to outpace supply growth, creating upward pressure on prices. “Currently, oil producers are turning out about 85 million barrels a day, while the (read full article »)
Published in Industry News | on Thursday, November 22nd, 2007
Oil Industry Headlines: Week of November 9
Iraq “While big oil companies like Shell and Total are biding their time, cultivating relationships with the Iraqi government and patiently awaiting privatization legislation that may never come, smaller wildcatters are beating them to the punch by signing production and exploration deals in Iraqi Kurdistan.” Is Big Oil Losing The Race For Iraq? — Forbes Magazine In an (read full article »)
Published in Industry News | on Thursday, November 15th, 2007
Oil Industry Headlines: Week of November 2
It’s nothing new to have a crowd of analysts weighing in on where oil prices are headed. But these days, with things so, well . . . interesting, everyday people are getting in on the act, too. From London to New York, people are stepping off the sidelines and placing their own bets. Matthew Simmons, who writes about the oil (read full article »)
Published in Industry News | on Thursday, November 8th, 2007
Oil Industry Headlines: Week of October 26
As the prospect of $100 oil becomes more likely, analysts are weighing in on how record crude prices will affect consumers this winter. According to CNN Money, “a lack of refining capacity means U.S. refiners will struggle to produce both gasoline and heating oil, so the country will end up importing more gas during the holidays . . . importing (read full article »)
Published in Industry News | on Thursday, November 1st, 2007
Oil Industry Headlines: Week of October 19
As crude oil prices surpassed the $90 barrier this week, it seems that all the analysts could talk about was the prospect of $100 oil. “It’s not a question of when we’ll hit US$100 but how quickly. There are no bearish factors in the market right now,” Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA (read full article »)
Published in Industry News | on Thursday, October 25th, 2007