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Mexico
PEMEX has released new numbers showing that its oil production slid by 9.3 percent during the first 11 months to 2.8 million b/d. Through November, exports have fallen by 17.3 percent to 1.4 million b/d. Production at the giant Cantarell oil field, which in May 2005 produced 2.2 million b/d, fell by 31 percent this year to less than 1 million b/d. Although
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Ukraine’s Gas Bill
The annual fight over payment for the gas that Ukraine buys from Russia is once again in full force. Moscow is warning the EU that it may cut supplies flowing to the Ukraine on January 1st and cannot guarantee that Ukraine will not divert gas intended for transit. As recently as 2005 Ukraine was paying
The Price Plunge Continues
Nothing that governments can do seems to stop falling oil prices; Zero interest rates, Detroit bailouts and substantial OPEC production cuts have had no effect on markets that are fixated on the idea that the demand for oil will soon melt seemingly to nothingness. Last Friday the front month February
The Year Closes
Oil prices rose by nearly 8 percent on Monday, touching $44 a barrel, after Israel launched airstrikes on Hamas facilities in the Gaza strip and made preparations for a land offensive. Anger in the Arab world was widespread and religious organizations in Iran began to recruit volunteers to fight against
Last Week
It was yet another wild ride for oil prices last week as the markets continued to balance unsettling economic news, Israel’s attack on Hamas in Gaza, and the pace of OPEC’s production cuts. Prices were up 8 percent on Monday as the Israeli attacks began, down on Tuesday on economic concerns,
US Oil Consumption
On Monday the EIA released revised figures for US oil consumption in October showing that demand had only fallen by 833,000 b/d from a year earlier rather than the 1.4 million b/d that had been reported in preliminary estimates. According to monitoring done by the Department of Transportation, US highway
Briefs - January 5, 2009
Russia’s oil production fell by around one percent in 2008, the country’s first annual decline in a decade and possibly a sign of things to come. The decline is expected to continue because of aging reserves and plunging oil prices, which combine with heavy taxation to leave producers with
Quote of the Week
“Just as the world does not work too well at $147 oil, the energy industry does not work well with oil at $37. If $147 oil was a problem, then $37 oil is actually NOT the solution. Cheap oil might even be worse for the world over the long term.” — Byron King, energy analyst/author
Prices and production
It was another down week for oil prices. Starting out in the low $40s, oil fell as low as $35 a barrel before jumping to a close at $37.71 after the UAE announced the details of the production cuts it was making to comply with the recent OPEC decision. Despite widespread skepticism that the cartel will
Russia
Of all the countries exporting oil, Russia seems to be suffering the most serious consequences from the precipitous drop in oil prices. The Russian stock market has collapsed and the ruble, devalued eight times in recent months, has lost 20 percent of its value vs. the US dollar since August. Although
