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Oil Majors’ Costs Have Risen 66% Since 2011

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The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. The collapse of oil prices forced the majors to slash spending on exploration, cut employees, defer projects, and look for efficiencies. per barrel, rising to $36.50.

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$10-Trillion Investment Needed To Avoid Massive Oil Price Spike Says OPEC

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The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the one hand, OPEC does not see oil prices returning to triple-digit territory within the next 25 years, a strikingly bearish conclusion.

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Opinion: Consumers winning with low oil prices, for now

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Lest we be too quick to forget whence we came, America is now 9-months into lower gasoline prices, which started their swoon the week of June 30, 2015 from a lofty national average just under $3.70, tumbling almost every subsequent week before bottoming and bouncing from $2.02 If OPEC holds at its 2011 agreed 30.37

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MIT/UC Davis professors challenge claims that ethanol production decreased gasoline prices in 2010 and 2011

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Knittel/Smith results for implied gasoline price effects from elimination of ethanol for 2010 using Du/Hayes model and pooled-sample estimates. in 2010 and 2011, respectively. in 2010 and 2011, respectively. We encourage similar skepticism about the estimated effect of ethanol on gasoline prices generated from these models.

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Opinion: Stop Blaming OPEC For Low Prices

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Instead it pursued a strategy of fighting for market share, contributing to an immediate rout in oil prices. OPEC is widely expected to continue its current strategy at its next meeting, and as such, no rebound in oil prices is expected, at least not because of the results of the group’s meeting in Vienna.

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Lux Research: Cost of replacing a barrel of produced oil up 350% in 13 years

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The cost associated with replacing a barrel of produced oil has risen from $6 per barrel in 1998 to $27 per barrel in 2011, according to Lux Research—an increase of 350%. will be in the oil sands. Cost to replace each barrel of oil produced. In 2012, 62.5% Source: Lux Research. Click to enlarge.

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BP approves revamped $9B Mad Dog Phase 2 project in the deepwater Gulf of Mexico; down from original $20B cost

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BP has sanctioned the $9-billion Mad Dog Phase 2 project in the United States, despite the current low oil price environment. Since then, BP has worked with co-owners and contractors to simplify and standardize the platform’s design, reducing the overall project cost by about 60%. In 2013, BP (operator, with 60.5%

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