Crude oil prices will rebound towards $70 per barrel in 2018, according to oil and gas analysts at FirstEnergy. “We have increased our expectations for crude oil prices across our entire forecast horizon,” said FirstEnergy’s oil and gas analyst Martin King in a research note sent to Rigzone. “We anticipate prices closer to $50 per… Continue Reading »
A mail box sits on an abandoned well pipe near blooming peonies, logs snag on metal casings rising out of a creek, children swing next to rusted pump jacks. In Pennsylvania, birthplace of the U.S. oil industry, century-old abandoned oil wells have long been part of the landscape. Nobody gave much thought to it when… Continue Reading »
Oil prices rose for a third straight day on Monday, as crippling attacks on Nigeria’s oil industry and fresh draws in U.S. crude stockpiles boosted prices even though gains were pared later on renewed expectations of a U.S. interest rate hike. Global crude benchmark Brent hit seven-month highs and settled 1.8 percent higher, while U.S…. Continue Reading »
As crude prices plummeted last summer, Steve Pruett, chief executive of a small west Texas oilfield developer, idled a drilling rig, opting to pay $21,000 a day to store it rather than dig more wells and risk bigger losses. Now as oil prices rise again, the third-generation oil man is offering his only rig crew… Continue Reading »
Libya’s crude oil output has fallen to a trickle amid a standoff over export rights that prevented trading giant Glencore from loading a tanker. Libya is producing around 200,000 to 220,000 barrels per day (bpd) after the largest National Oil Corp (NOC) subsidiary, AGOCO, was forced to slash its output by more than half, an… Continue Reading »
Libya’s crippled oil production appeared at risk of further decline on Wednesday after an escalating stand-off between rival eastern and western political factions prevented a cargo belonging to trading giant Glencore from loading. A Tripoli oil official warned the country’s oil output could fall by 120,000 barrels-per-day (bpd) if the Benghazi-based National Oil Corporation (NOC),… Continue Reading »
There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group. A meeting of representatives from the Organization of Petroleum Exporting Countries in Vienna Wednesday discussed how the fundamentals… Continue Reading »
Oil prices fell for a second day on Tuesday, retreating further from the year’s highs hit last week, as rising output renewed worries about the global glut of crude, the U.S. dollar rebounded and equity markets weakened. Output from the biggest oil producers in the Middle East jumped last month or could surge in the… Continue Reading »
Brazil is more likely to reform its struggling oil industry to attract investments if there is a change in government, some of the country’s top oil executives said at an industry gathering in Houston. Brazil is expected to ease Buy in Brazil restrictions and auction exploration acreage more regularly if a new government takes over, Jorge… Continue Reading »
The market for umbilical is forecast to grow at a CAGR of approximately 3.66% during 2016 – 2021, on account of increased deep sea activities for discovering new oil and gas fields along with rise in production from existing offshore reservoirs, according to a new report titled “Global Umbilical Market (By Type, By Region, By… Continue Reading »
