Analytics

World Oil

As global oil prices continue to plunge, World Oil analysis of historical records indicates that current rates are the lowest/worst since late 1997 through mid-1999, on a constant dollars/today’s money basis. The late-1997 through mid-1999 period, of course, was the time during which the Asian Financial Crisis occurred. It is unfortunate that this precipitous fall in oil …

eia forescast

The US Energy Information Administration doesn’t see balance returning to the global oil market until fourth-quarter 2020 as the supply effects of the Mar. 6 OPEC meeting continue to ripple across the industry. The US Energy Information Administration (EIA) significantly revised its short-term outlooks for global oil supply, demand, and prices in light of the …

oil production

America’s shale drillers have never faced an oil bust quite like this. The split between Russia and its one-time OPEC allies last week has ignited an all-out price war, leaving oil markets defenseless against the unprecedented demand shock brought on by the coronavirus. Crude plunged by the most since the 1990s on Monday, with West …

Russia

Russia’s state oil company Rosneft is planning to lift oil production as soon as the current OPEC+ deal ends, according to a person close to the company. The comments, the first Russian response to the oil price war launched by Saudi Arabia over the weekend, suggest that Rosneft could start boosting output as soon as …

restrictions

As coronavirus cases multiply worldwide, oilfield service companies are stepping up their internal safeguards to protect the health of employees and contractors onshore and offshore. Defending employees from exposure to the Coronavirus in a number of situations presents a set of unique challenges that industry companies are meeting with various solutions. For instance, subsea engineering …

fake report

The pressure to get China back to work after the coronavirus shutdown is resurrecting an old temptation: doctoring data so it shows senior officials what they want to see. This phenomenon is playing out in Zhejiang province, an industrial hub on the east coast, in the form of electricity usage. At least three cities there …