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Tag Archives: oil glut

Schlumberger projects global oil and gas drilling recovery

Schlumberger cuts more jobs in first quarter

During 2016, the “oil glut” that helped drive global oil prices down was the impetus for cutbacks by OPEC and other oil-producing nations. But oilfield services company Schlumberger chairman and CEO Paul Kibsgaard mentioned a shortage, not oversupply, of oil in years to come, reports Fuelfix. In a conference call with investors, Kibsgaard said drillers will need to begin putting ...

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North Dakota oil output increases 5,400 barrels daily in May

pump jack, north dakota oil production

BISMARCK, N.D. (AP) — North Dakota’s oil production increased about 5,400 barrels a day in May, after dropping by about 70,000 barrels the month before. The Department of Mineral Resources says the state produced an average of 1.047 million barrels of oil daily in May. North Dakota’s production record was set in December 2014 at 1.22 million barrels daily. North ...

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Waiting for recovery–when will the oil glut disappear?

crude oil storage, oil glut

They’re tired phrases. Oil slump. Oil glut. Rig count down. Oil price dips. It seems as though every time the oil industry hits the news, one of those phrases are used. But life for those of us who work in the oil and gas industry consists of the here and now, and although the the view of the computer screen reporting the ...

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US energy secretary sees oil market coming into balance

Ernest Moniz, Energy Department, oil glut

BEIJING (AP) — The U.S. energy secretary said Friday he sees the global oil market coming into balance over the next year as rising demand catches up with a two-year-old supply glut that depressed prices. Ernest Moniz said supplies should be adequate after the market comes into balance. He said Saudi Arabia has made clear it will maintain spare production ...

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High supplies seen capping oil prices until early 2017

High supplies seen capping oil price until early 2017

PARIS (AP) — A glut of oil will keep prices from rebounding until next year, much later than previously forecast, experts at the International Energy Agency said Monday. A year ago, the IEA, a Paris-based organization of 29 major oil importing nations, had forecast a “relatively swift” recovery. Instead, oil prices have continued to fall, reaching a level below $30 ...

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AP EXPLAINS: How much money you just saved on gas in 2015

REUTERS/Max Rossi/Files

NEW YORK — U.S. drivers saved a bunch of money on gasoline this past year, as Saudi Arabia and other OPEC members kept the pumps going in the face of low oil prices. Massive stockpiles of crude globally turned 2015 into the year of the pain-free fill up. More of the same is expected for 2016 as oil prices remain low. ...

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Oil prices edge up amid ongoing commodity downturn

Oil pumps are seen at a MAX oil station in Yangon April 21, 2014. 
REUTERS/Soe Zeya Tun

SINGAPORE – Crude prices found at least temporary support early on Wednesday after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time. U.S. crude futures were at $38.11 per barrel at 0048 GMT (7:48 a.m. EST), up 60 cents from their last settlement. Traders said the ...

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Quiet hurricane season leaves oil oversupply

Getty Images via Newscred

A quiet Atlantic hurricane season in the Gulf of Mexico ended Monday without a storm-induced price rise to lift crude oil from its slump. Tropical Storm Bill made landfall on Matagorda Island, Texas, on June 16. It was the only system to hit the Gulf of Mexico in 2015. Bill brought coastal flooding and gusty winds to the Texas coast ...

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