OPEC warns of severely limited excess capacity of oil
The shortfall of global oil supplies sent prices up more than 50% this year, and the group of oil exporting...
The shortfall of global oil supplies sent prices up more than 50% this year, and the group of oil exporting countries warned this week the shortage probably will continue beyond 2023. The current problem for consumers is the obvious shortage of petroleum as the global economy expands.
OPEC noted that “preliminary data for OECD commercial oil stocks level stood at 2,712 million barrels in June 2022, which was 163 million barrels lower than the same time last year, and 236 million barrels below the 2015-2019 average and that emergency oil stocks have reached their lowest levels in more than 30 years.”
Odessa oilman Kirk Edwards looks for the futures market to stay strong for the rest...
Odessa oilman Kirk Edwards looks for the futures market to stay strong for the rest of this year and next year. Asked what he expects for the rest of 2022, Edwards said, "It depends on Russia."
"If they decide to pipe gas to Germany, things will be much better. If Russia keeps choking off Europe, there'll be very high gas prices this winter and that will cause shortages in the U.S., too."
Edwards' company, Latigo Petroleum, is one of the largest natural gas producers in the Texas Panhandle.
China suspends military ties and talks on key issues with the US
China is halting all dialogue with the US on a range...
China is halting all dialogue with the US on a range of areas, including military defense, climate, illegal drugs, and transnational crimes. The action follows House Speaker Nancy Pelosi's (D, CA-12) visit to Taiwan, which China views as de facto recognition of the island's sovereignty. See more on China and Taiwan here.
U.S. oil rig count falls by the most since September
Even though the total rig count has climbed for a record 24 months through July, weekly increases have...
Even though the total rig count has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is only forecast to recover to pre-pandemic record levels next year. read more
The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks. Gasrigs rose four to 161, their highest since August 2019,
The total or combined oil and gas rig count fell by three to 764, which puts the total rig count up 273, or 56%, over this time last year,
