As Oil Keeps Falling, Nobody Is Blinking
(Wall Street Journal) The standoff between major global energy producers that has created an oil glut is set to continue next year in full force, as much because of the U.S. as of OPEC.
OPEC Won’t Cut Production to Stop Oil’s Slump
(Bloomberg) OPEC signaled no respite from the global oil glut that has driven prices to a six-year low.
Oil prices and budgets:The OPEC countries most at risk
(CNBC) Plunging oil prices have left many crude-exporting countries with budgets that simply won’t balance.
For many of the biggest producers — places like Saudi Arabia, Venezuela and Algeria — oil accounts for the majority of the country’s exports and gross domestic product. Collapsing prices have meant dramatic declines in government revenue at a time when many political leaders are working to maintain social stability through liberal spending.
Energy companies choose storing oil over selling it cheap
(CNBC) Just a few miles from Houston’s Astrodome, a cluster of subterranean salt caverns will soon be able to store enough oil to fill the famed stadium.
By the end of 2016, phase I of Fairway Energy Partners’ Pierce Junction crude oil storage facility will come online, touting three caverns capable of socking away a combined 10 million barrels of black gold.
OPEC keeps oil production at current high level
(CBS) VIENNA – OPEC nations decided Friday to keep producing oil at their current high levels, effectively acknowledging their inability to push up crude prices.
The $30 Oil Cliff Threatening Russia’s Economy
(Bloomberg) For Russia, $30 is the number to watch. Crude prices at that level will push the economy to depths that would threaten the nation’s financial system, according to 15 of 27 respondents in a Bloomberg survey. Lower prices for the fuel are next year’s biggest risk for Russia, which is unprepared to ride out another shock on the oil market, most economists said. Other dangers for 2016 include geopolitics, strains in the banking industry and the ruble, according to the poll of 27 analysts.
Bees, oil and the economics 101 lesson on supply, pricing
(MySanAntonio.com) I spent a recent Thursday as part of the Watch D.O.G.S. — Dads Of Great Students — at Christian Evers Elementary, where three of my daughters go to school. We get to hang out with our kids in their classrooms, during their activities — such as P.E., lunch and library — patrol the halls, etc.
Could Cuts in CAPEX Be the Catalyst For Growth in Oil Prices?
(RigZone.com) North American upstream companies continue to slash spending but demand growth could turn that around within the next 18 to 20 months. Cuts to capital spending in the North American exploration and production (E&P) sector is a stark reminder that during much of the year companies have had to tighten their belts in response to dismal crude oil prices. Estimates show that cuts have hit 30 percent in 2015, and could drop another 20 percent in 2016.
A Surprising Look at Oil Consumption
(PeakOilBarrel.com) The EIA publishes oil consumption numbers for all major nations. However they have data for most nations only through 2013. They do have data for some nations through 2014. Nevertheless a lot can be gleaned from just looking at those consumption numbers.
What it costs to produce a barrel of oil
(CNN) Everyone in the energy industry is suffering as crude oil prices have slumped. But some oil producing countries are hurting more than others.