News 

Did air pollution cause a deadly Chinese landslide?

“Acidic water reached the shale layer by percolating through the overlying limestone, the researchers suggest, aided by cracks created by mining operations” writes Laura G for sciencemag.org. The acid rain supplied extra oxygen and nutrients, including nitrogen, potassium, and sulfur, which could have fertilized microorganisms living inside the shale. Source: sciencemag.org Share This:

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OPEC has given US shale producers a ‘Christmas gift,’ says Tom Kloza

“We may be at a record right now for shale,” Kloza said” writes unknown author for cnbc.com. “OPEC basically gave a Christmas gift to U.S. shale producers,” the company’s global head of energy analysis said this week on CNBC’s “Futures Now.”. “It establishes a stronger bottom for crude oil.”.  Source: cnbc.com Share This:

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OPEC’s Easy Win Masks Tougher Oil-Market Choices Still to Come

“Along with the growing global economy, the production cuts have helped push up oil prices” writes unknown author for bloomberg.com. The group of oil nations agreed to extend year-old production cuts through the end of 2018 to help boost prices, no small achievement.”Next year will mark the peak of U.S. shale annual growth,” said Ann-Louise Hittle, vice-president at consultant Wood Mackenzie Ltd. in Boston.If the cuts succeed in meeting their stated goal of bringing global inventories back down to their five-year average level, how will the deal be unwound?.  Source: bloomberg.com…

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News Oil 

Pressured for Profit, Oil Majors Bet Big on Shale Technology

“Shell envisions shale wells that predict when parts are near mechanical failure and schedule repairs automatically” writes Min Read for reuters.com. HOUSTON (Reuters) – Shale oil engineer Oscar Portillo spends his days drilling as many as five wells at once – without ever setting foot on a rig.Oil firms currently spend about $5.9 million to drill a new shale well, according to consultancy Rystad Energy.If they are successful, the U.S. oil industry’s ability to bring more wells to production at lower cost could amp up future output and company profits.Premier…

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OPEC to Back 9-Month Extension, Awaits Russia’s Commitment

“This situation underscores the dilemma faced by the 24 oil producers who forged a historic agreement to curb output a year ago” writes Elena Mazneva for bloomberg.com. All OPEC members support extending their oil production cuts until the end of 2018, although Russia hasn’t yet committed to the proposal before Thursday’s meeting in Vienna, said people familiar with the matter.Yet Moscow hesitated over the need for a second extension right now as well as its duration, given the current agreement doesn’t expire until the end of March. Source: bloomberg.com Share This:

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Oil Slides on Bullish Shale Growth Forecast

“OPEC also sharply increased its demand forecast for 2018, raising expected demand by about 400,000 barrels per day for the coming year to 33.4 million barrels per day” writes Paul Whitfield for thestreet.com. Oil prices lost ground for the third consecutive day Tuesday, Nov. 14, falling to their lowest mark in a week on expectations that U.S. shale oil output will rise for the rest of the year, offsetting cuts from OPEC producers.That forecast was enough to offset news of OPEC’s over-compliance with its production caps and comments from OPEC…

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US oil dominance has an expiration date

“While this is on the horizon, right now when it comes to oil production, U.S. shale oil output is still a major component of the global oil supply” writes Leia Klingel for foxbusiness.com. In its latest report, OPEC upgraded its expectations for shale oil output versus last year’s WOO. This upgrade comes as U.S. shale oil producers have been more efficient, and decreased their costs.The good times for U.S. oil producers won’t last for long, with the Organization of the Petroleum Exporting Countries (OPEC) forecasting in its 2017 World Oil…

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Markets News Oil 

How oil is escaping from ‘purgatory’ as supply glut turns to supply concern

“The move has helped reduce the supply glut, providing a floor under the oil prices that have rebounded firmly from their 2016 lows in the mid-$20s” writes Markets Reporter for marketwatch.com. For more than three years the oil market has been strangled by a persistent supply glut, but next year there’s the opposite issue to be concerned about: an outright supply shortage.A boom in U.S. shale production was one of the key reasons prices came crashing down in the summer of 2014.Read: Rebound for U.S. shale oil hasn’t peaked yet…

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The ‘sweet spots’ fueling the US shale oil boom ‘will not last forever,’ Saudi Aramco CEO says

“You can concentrate for some time on the sweet spots and produce more oil” writes unknown author for cnbc.com. One reason, says Nasser, is that shale drillers will eventually deplete the low-cost, high-quality “sweet spots” they’ve focused on throughout much of the three-year oil price downturn.Saudi Aramco’s Amin Nasser, CEO of the world’s largest oil company, says he does not spend much time worrying about booming production from U.S. shale fields.”The concentration that we are seeing today is on the sweet spot of shale, and this will not last forever,”…

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US shale to help power Shell’s multi-billion dollar chemicals drive

“Royal Dutch Shell will begin construction of a new $10bn petrochemicals site in the gas-rich Marcellus shale basin in the US within the next ten weeks as part of a radical growth plan for its petrochemicals business” writes Matthew Lynn for telegraph.co.uk. The oil major told investors that global demand for petrochemicals – which are used to manufacture the raw materials used to make plastics, paints and textiles – is set to grow by around 50pc by the end of the decade, making it a key area for the company’s…

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