Technology revolution will reveal a more effective, less costly option for the energy sector, but to the detriment of humans.
Drillers have been predicting an upturn for more than a year only to disappoint but debt ratings firm Moody’s Investors Services said last month that it believed 2018 could mark the low point for industry earnings.
Oil edged further above $80/bbl on Oct. 12 as a rally in equities lent support, though prices pared most of their gain after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.
Plus, Exxon Mobil donates to a PAC promoting U.S. carbon tax, offshore drillers Ensco and Rowan agree to merge and Chevron exits Norway.
Whether the cost reductions are sustainable remains to be seen, but collaboration and risk-sharing could be crucial, according to a study.
IMO 2020 will boost global demand growth by 400,000 bbl/d, but shippers, refiners and high sulfur producers can expect heavy disruption.
More than half the total U.S. oil rigs are in the Permian, the country's biggest shale oil formation. Active units there declined by two this week to 486, the Baker Hughes report said.
Oil production in Texas inched higher to a record 4.47 million bbl/d and output from North Dakota also hit a peak, rising by 41,000 bbl/d to 1.26 million bbl/d, the EIA report said.
More than 40 years ago, when President Jimmy Carter said that breaking our addiction to foreign oil was the moral equivalent of war, no one dreamed that by 2018, shale producers would have mounted an increasingly successful, expensive campaign in that war.
Qatar Petroleum, the world's top supplier of LNG, said it was adding a fourth LNG production line to raise its output capacity from the North Field to 110 million tonnes a year.