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Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

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As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. In a speech made at the Association of International Petroleum Negotiators’ 2017 International Petroleum Summit, Johnston laid out his concerns for the future of oil.

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US average retail gasoline prices ended 2017 lower than they started

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US regular retail gasoline prices averaged $2.72 per gallon (gal) in 2018, 30 cents/gal (13%) higher than in 2017 and 57 cents/gal higher than in 2016. In 5 of the 10 cities for which EIA collects weekly retail price data, gasoline prices exceeded $3.00/gal gal at least once in 2018.

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Opinion: The Current Oil Price Rally Is Reaching Its Limits

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Oil prices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily, as persistent oversupply and the prospect of new shale production caps any potential price increase. by Nick Cunningham of Oilprice.com.

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US offshore oil and gas leasing plan for 2017-2022 focuses on Gulf of Mexico, excludes Arctic

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US Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Hopper released the final plan to guide future energy development for the Nation’s Outer Continental Shelf (OCS) for 2017-2022. The Proposed Final Program includes one sale in the northern portion of the Cook Inlet Planning Area.

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Increase in US rig count will not cap oil prices

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The impact of rising oil prices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. Too many analysts continue to believe drilling and service has the same problem with rising oil prices. by David Yager for Oilprice.com.

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EIA: US Permian Basin oil production and resource assessments continue to increase

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Crude oil production in the US Permian Basin is expected to increase to an estimated 2.4 Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months, even as domestic crude oil prices fell. billion barrels of hydrocarbon gas liquids.

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GlobalData: best performing wells in Permian break-even at as low as US$22 per barrel

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Well lateral lengths in the Permian have increased in average by more than 1,500 feet (ft) since 2016 to approximately 7,500 ft by the end of 2017, says GlobalData, a leading data and analytics company. On 25 June, the price of a 42-gallon barrel of West Texas Intermediate Crude (WTI) was $68.08.

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