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Oil companies: Unsustainable energy
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A steady decline in the price of Brent crude from $115 to $92 in the period from June to October 2014. Slow or no economic growth in Europe, and declining growth in China was the main reason. A cut in oil price by Saudi Arabia in September with lack of coordination in OPEC to control supplies when prices are declining, and increasing supplies from the U.S., provided additional basis for price declines. This price decline comes as large energy companies invested heavily in mega-projects to bring more oil supplies when prices were up to $128 by mid-2012. Consulting company EY estimate is that there are 163 such mega projects worth $1.1 trillion underway, most behind schedule and over budget. The projects were based on oil prices being over $100. Oil field development costs are increasing rapidly. Douglas Westwood, a consulting firm, estimate is that productivity of upstream capital spending has fallen by a factor of 5 since 2000, declining by 5% a year, as oilfield equipment and services demand exceeds supply. Greater technological sophistication also adds to cost such as Shell's Nobel Bully platform for deep sea drilling. See link- Noble Bully. Oil majors are now cutting spending, and some planned big projects are on hold. About $300 billion in assets may be up for sale. Shell plans to cut spending by 20% in 2014, Exxon and Chevron 5-6%. Shale oil projects in America need about $57 to be profitable with an internal rate of return of 10%, by one estimate. Yet this is an average and does not reflect differing producer costs. This estimate does not reflect the high cost producers, some of whom need closer to $110.
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Oil Glut Ignites Gasoline Price Swoon
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Venezuela Could Force Oil Market to Take Stock
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Oil Stays Thick in China Downturn
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Oil Glut Ignites Gasoline Price Swoon
Wall Street Journal 09/12/2014
Oil Prices Continue Decline, Pressured by Saudi Action to Defend Market Share
New York Times 10/02/2014
OPEC Members’ Discord Adds to Slide in Oil Prices
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Fracking Firms Get Tested by Oil’s Price Drop
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OPEC Split as Oil Prices Fall Sharply
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Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
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Grouped Articles
Oil Prices Continue Decline, Pressured by Saudi Action to Defend Market Share
New York Times 10/02/2014
OPEC Members’ Discord Adds to Slide in Oil Prices
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Oil Markets Fly Into a Perfect Storm
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Oil companies: Unsustainable energy
Economist 10/14/2014
Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
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Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
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Effects of the conflict in Syria-Iraq in 2014 on oil prices
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Oil Industry in Iraq Faces Setback to Revival
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New York Times 10/02/2014
OPEC Members’ Discord Adds to Slide in Oil Prices
Wall Street Journal 10/04/2014
Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Oil companies: Unsustainable energy
Economist 10/14/2014
Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
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Canada's oil prices
02/01/2013
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Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Oil companies: Unsustainable energy
Economist 10/14/2014
Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
Washington Post 10/15/2014
Oil Prices Slip Further After IEA Report
Wall Street Journal 12/12/2014
Oil Prices Tumble to Fresh Lows
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OPEC policy and oil prices- 2013-2018
11/30/2013
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OPEC Rift Emerging Over Iraq Output, Possible Return of Iran
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OPEC, Foreseeing No Glut, Keeps Oil Production Level Steady
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Venezuela Could Force Oil Market to Take Stock
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Oil Prices Continue Decline, Pressured by Saudi Action to Defend Market Share
New York Times 10/02/2014
OPEC Members’ Discord Adds to Slide in Oil Prices
Wall Street Journal 10/04/2014
Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Lower prices for Canada's shale oil and Canada's economy, the impact in 2013-2016
02/20/2009
The significant impact on the Canadian economy and on Alberta of the lower prices for Canada's shale oil. Discounts for Canada's shale oil relative to Brent crude benchmark international oil pricesand U.S. benchmark price range from 20 to 50%. Canada's shale oil was Dat $80 per barrel in April 2013, compared to $94 for U.S. benchmark price and $106 for Brent international crude oil price. This has reduced GDP in Canada for 2012 by 0.4% for the second half of 2012, according to Canada's central bank. GDP growth is sluggish at 1.8% for 2012. The impact in lower government tax and royalty revenues is significant for Alberta.
Grouped Articles
Trade and Oil on Agenda as Obama Visits Canada
New York Times 02/20/2009
Canada Looks to Sell Its Oil Beyond U.S.
Wall Street Journal 08/23/2013
Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Oil companies: Unsustainable energy
Economist 10/14/2014
Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
Washington Post 10/15/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
U.S. oil supply, demand, and prices 2011-2015
04/19/2011
Grouped Articles
Senators Pass Mexico Oil Plan as Snag Arises
Wall Street Journal 12/12/2013
Oil Stays Thick in China Downturn
Wall Street Journal 03/15/2014
Oil Glut Ignites Gasoline Price Swoon
Wall Street Journal 09/12/2014
Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Oil companies: Unsustainable energy
Economist 10/14/2014
OPEC Split as Oil Prices Fall Sharply
New York Times 10/13/2014
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