LONDON, July 16 (Reuters) – Iran could increase its oil
production by up to 1 million barrels per day within 12 months
of sanctions being lifted, provided it can find buyers for the
In 2014, the country produced an average of just over 1,350
barrels per day (bpd) per well, from 2,280 wells, according to
the OPEC Annual Statistical Bulletin (link.reuters.com/xes25w).
LONDON, July 15 (Reuters) – Iran has big ambitions to
increase oil and gas production once sanctions are lifted but a
substantial increase in exports is probably years away.
The country has the world’s fourth-largest proved reserves
of crude oil (behind Venezuela, Saudi Arabia and Canada) and the
largest proved reserves of natural gas (ahead of Qatar and
Russia), according to BP.
LONDON, July 13 (Reuters) – Crude oil production data
published by the state of North Dakota on Friday contained
something for both bulls and bears.
Bears can point to the unexpected resilience of shale
production in the face of lower oil prices while bulls can point
to the fact that production is no longer growing after five
years of tremendous gains.
LONDON, July 10 (Reuters) – Tremendous demand for gasoline
in the United States has pushed refining margins for motor fuel
to the highest seasonal level in a decade.
U.S. refiners currently earn a gross margin before costs and
taxes of 65 cents per gallon for turning Brent into gasoline and
77 cents for processing WTI (link.reuters.com/xek25w).
LONDON, July 9 (Reuters) – Consumption of gasoline in the
United States is surging according to estimates prepared by the
Energy Information Administration.
More than 9.5 million barrels per day (bpd) of gasoline were
supplied to domestic customers over the last four weeks.
LONDON (Reuters) – Brent futures prices tumbled more than 6 percent on Monday, a highly unusual move that has raised questions about whether shifting fundamentals will send the market even lower over the coming months.
Over the last month, front-month prices have dropped 17 percent, breaking out of the very narrow range that had prevailed since the middle of April.
LONDON (Reuters) – Why is there such good data about oil in the United States but such poor data about everywhere else?
Accurate information is essential for good decision-making, so it is remarkable how little reliable and timely data exists about the production and consumption of crude oil and refined fuels outside the United States.
LONDON, July 7 (Reuters) – Why is there such good data about
oil in the United States but such poor data about everywhere
Accurate information is essential for good decision-making,
so it is remarkable how little reliable and timely data exists
about the production and consumption of crude oil and refined
fuels outside the United States.
LONDON, July 3 (Reuters) – U.S. crude stocks unexpectedly
rose by almost 2.4 million barrels last week, breaking a run of
eight consecutive weekly declines and sending oil prices sharply
But did the market overreact when the stock numbers were
released on Wednesday – misinterpreting normal week-to-week
variability in the data as a fundamental shift in the balance
between supply and demand?
LONDON, July 1 (Reuters) – Benchmark crude oil prices have
barely moved for more than two months, implying the market has
found a temporary equilibrium after the enormous price shock in
the second half of 2014 and early 2015.
Over the last 30 trading days, the range between the highest
and lowest closing prices for front-month Brent futures
has been just $4.50 per barrel.