Oil & Gas News 74 results

Uncertainty is The Only Guarantee: Oil Market In 2017

Conflicting reports are coming in about the future of the oil industry. OPEC announced higher than anticipated demand for OPEC crude in the second half of 2017. However, inventories at the Cushing, Oklahoma hub rose again marking the sixth build in seven weeks according to the Energy Information Administration. The story is still unclear whether the production cut by OPEC will have the ...

Historic Agreement Reached: OPEC Will Cut Oil Production

For the first time since 2008 the Organization of Petroleum Exporting Countries (OPEC) has agreed to cut crude output. The deal comes after the November 30th OPEC meeting which took place in Vienna, Austria. After numerous failed attempts, this most recent meeting was a welcomed surprise. Not only will OPEC cut output by 1 million barrels a day, Non-OPEC Russia will also join the output reducti...

U.S. Oil & Gas: Rig Count Up but is OPEC Down for an Agreement

Baker Hughes, the oilfield service provider, has issued their rig count for the week and things are looking good for American oil and gas. U.S. oil rig count was up by 19, the largest increase the country has seen since July 2015. This brings the total number of oil rigs to 471 which is the highest it has been since February 5th of this year. The active gas rig count has gone up by one since last ...

The Call for Cybersecurity in the Oil and Gas Industry

Digital technology is everywhere throughout industrial sectors like manufacturing and oil and gas. These new digital technologies have brought incredible applications to help streamline business and improve efficiency across the board. With all these benefits, the fact remains cybersecurity is not taken seriously enough. Cybersecurity must be treated as an essential part of the digital web in ...

Crude Slips Yet Again: OPEC Pumping At An All Time High

Crude oil prices continue to plummet as inventories from around the world skyrocket. On November 3rd, Manufacturing Talk Radio reported a 3% drop in WTI crude, the US benchmark as data began coming in regarding OPEC’s (Organization of Petroleum Exporting Countries) production levels. This dramatic drop in price came after a relatively lively rebound in the markets back in October. The rebound ...

What Caused The Drop In Crude Price?

The US crude benchmark, WTI has experienced a dramatic pull back from its recent gains as inventory data pours in. WTI was down by over 3% hovering around $45.15 per barrel at 1:51pm ET (11/4/2016) and Brent crude prices which is the international benchmark is also down over 3% sitting at $46.62 per barrel (11/4/2016). This all comes after weeks of progress as oil prices rebounded to above $50 ...

OPEC Closer Than Ever To Reaching Production Cut Deal

Oil prices have taken a turn for the better as the Organization of Petroleum Exporting Countries (OPEC) takes steps to resolve their internal disputes and the possibility of a production cap nears ever closer. Declining production in China and falling U.S. inventories along with a positive statement from OPEC which expressed their support of a cut has lead to increased market confidence. All of ...

Microwave Fracking: Environmentally Friendly And Extremely Efficient

Fracking has faced serious opposition from environmental groups throughout the United States and the communities that surround these industrial operations. The main issue surrounding fracking is the disposal of wastewater that some fear could contaminate groundwater in these communities where fracking operations are located. Ever since fracking took off in the United States, the nation has had ...

Oil Market Rejoices as OPEC Reaches an Informal Production Cap Agreement

In an extraordinary turn of events, OPEC has agreed on Wednesday to a modest oil output cut for the first time since 2008. OPEC met on the sidelines of the International Energy Forum in Algeria which was being called an informal meeting between members. Hopes were high but confidence was low that the cartel would actually reach any kind of agreement. The skepticism stemmed from previous meetings ...

OPEC Meets on the Sidelines Of the International Energy Forum

The world's largest oil producers are gathering in Algeria for the International Energy Forum which takes place from September 26-28th. However the world is less interested about the forum and more excited to see what will be taking place on the sidelines. The Organization of Petroleum Exporting Countries (OPEC) will be holding an informal meeting in Algeria while all these major oil producers ...