World Oil's Daily Brief

Kurt and Cameron look at PDVSA's ambitious overhaul, "glimmers of hope" for Canadian production, and possible bridge loans for U.S. oil companies on the horizon.

Harold Hamm's force majeure raises eyebrows, Diamond Offshore declares Chapter 11, Saudis cut production ahead of schedule, and the investment community feels the heat on Arctic activity.

Kurt and Cameron wrap up an historic week for oil prices, the prorationing debate, Canadian production, and outside-the-box approaches to storing excess crude.

Daily Brief, 4/22/20 - The coming oilfield debt reckoning, North Sea operators contend with Brent weakness, and a brewing Iran conflict adds further uncertainty to oil futures.

With oil at -$37.00/bbl, Kurt and Cameron explore how market forces are compelling action on a state, federal and international level, and what can be expected on Day Two of the negative oil price era.

Kurt and Cameron talk about how oil prices, state and federal politics are impacting oilfield service companies, and what that means for an (eventual) turnaround. Read Kurt's summary of the Texas Railroad Commission's prorationing hearing here: https://www.worldoil.com/magazine/2020/april-2020/special-focus/world-oil-analysis-texas-railroad-commissioners-face-difficult-decision-on-prorationing

Kurt and Cameron discuss oil's crossing of an important psychological milestone, what the Saudis are doing in advance of the OPEC+ cuts taking effect, and an in-depth look at the historic TRRC meeting, and the long-range impact of a decision by the regulator either for or against prorationing oil production in Texas.

Kurt and Cameron talk about how the market has reacted to the OPEC+ deal in the first day of trading, the RRC's open meeting to discuss prorationing in Texas, and how trade associations are reacting to the market. Read Texas Railroad Commissioner Ryan Sitton's press release here: https://www.worldoil.com/news/2020/4/13/sitton-rrc-should-be-open-to-evaluating-any-path-at-tuesday-s-hearing

Analyst and author Simon Watkins and World Oil EIC Kurt Abraham take and in-depth look at the opportunities, the compromises, and the challenges facing every major oil and gas player following the historic OPEC+ production cut agreement. Cameron referenced Simon's previous visit to the show, where he offered a thorough history of the U.S.-Saudi relationship, and how those deep ties are affecting current policy decisions. Listen to that episode here: https://blubrry.com/worldoilsdailybrief/57243424/daily-brief-thursday-march-12th/ Find Simon's latest book, An Insider's Guide To Trading The Global Oil Market here: https://tinyurl.com/u426fjz

Kurt and Cameron take on the fallacy of a "free market" for oil, what non-OPEC+ members are ready to do for a deal, and who (if anyone) the U.S. Department of Energy is trying to help in all this. Find the rundown of key OPEC+ players Cameron mentioned in today's show here: https://www.worldoil.com/news/2020/4/7/a-look-at-the-major-players-in-this-week-s-opecplusplus-meeting

Kurt and Cameron discuss the expanding OPEC+ negotiations, Canada's emerging role in production cuts, and the API's support (or lack thereof) for the broader oil industry.

Kurt and Cameron review all the developments in Washington, Moscow and Riyadh this week, and what they mean for the emergency OPEC+ meeting on Monday.

World Oil makes a digital shift, Trump shows off his ability to make dramatic moves in the oil market, and OTC goes dark for 2020.

Kurt and Cameron cover action on many fronts in Washington, Saudi Arabia fires their opening salvo in the oil price war, and Texas regulators share their demand projections.

Trump and Putin talk about the oil market, and the Saudis make a move to increase cash reserves while prices reach another constant-dollar low. Click here to see the tariff survey content discussed in today's show. Click here to read Kirk Edwards' op-ed in the Odessa American.

Kurt and Cameron summarize the week's market moves, discuss reaction to Wayne Christian's op-ed, and finish off reviewing results of the tariff survey. To subscribe to World Oil's daily newsletter, click here: https://www.worldoil.com/newsletter-sign-up

We've been talking a lot about production lately, so today we'll take a look at what's happening with oil demand, and the resulting need for storage options for all the extra crude.

Kurt and Cameron talk about market prices, Wayne Christian's op-ed, and the opinions of service companies and operators regarding intervention in the oil market.

Is there really a "free market" for oil? Kurt Abraham and Cameron Wallace review the industry's opinion on a tariff, and whose interests the API pursues in their latest communications. View the API commentary Kurt references here: https://tinyurl.com/sbucjm4 See the World Oil historical oil price chart here: https://tinyurl.com/uj6zlck

Kurt and Cameron discuss the week's oil price swings, and the developing palace intrigue at Texas' oil regulator as a commissioner is invited to the next OPEC meeting after suggesting a joint agreement to reduce oil production.

Trump shares his thoughts on oil prices, some analysts see single-digit prices in the future, Occidental's debt falls to junk status, and more.

Kurt Abraham shares preliminary results of the World Oil import tariff survey, discusses the travails of the stock market, and more. To learn more about the survey, please click here: https://www.worldoil.com/news/2020/3/18/world-oil-launches-oil-import-tariff-survey-early-results-show-clear-trends

With WTI crude exploring record lows in inflation-adjusted dollars, Kurt Abraham talks about how today's prices compare to previous downturns in the industry.

In today’s show, World Oil magazine’s Editor-in-Chief, Kurt Abraham, leads an oil price summary for the week and compares the current decline to other downturns, in inflation-adjusted dollars. He also talks about gauging industry interest in pursuing a tariff on Saudi crude imported into the United States.

Does the coronavirus offer a prime opportunity for Russia and Saudi Arabia to team up against U.S. shale producers? Or, as international oil analyst and author, Mr. Simon Watkins, explores in today's show, is this a "last throw of the dice" for the Saudis? To find Mr. Watkins' latest book, An Insider's Guide to Trading the Global Oil Market, please visit https://www.amazon.com/Insiders-Guide-Trading-Global-Market/dp/1912741024/ref=sr_1_1?keywords=An+Insider%27s+Guide+to+Trading+the+Global+Oil+Market&qid=1584033294&sr=8-1

Kurt Abraham, World Oil magazine’s Editor-in-Chief, joins the show to talk about the latest oil price developments, the promises of increased production from Saudi Arabia and Russia, how the UAE may hike output, and what options the U.S. has to respond with a fee on imported crude.

In today's episode: We look at what a market oversupply means for America's status as a net crude exporter; Russia threatens another production hike, while simultaneously keeping the door open for another OPEC deal; Saudi Arabia is doing their part to drive oil prices down by declaring another production increase of their own.

On today’s show, World Oil Editor-In-Chief, Kurt Abraham, takes a look at some of the drivers behind previous collapses in the price of oil, and discuss how the fallout from last week’s OPEC+ meetings are impacting prices now.

Research and development is the lifeblood of the energy industry’s digital transformation and decarbonization initiatives. From supermajors to service companies, significant engineering and financial resources are being dedicated to the development of new technologies. Tax benefits are in place around the world to help incentivize these types of R&D developments, and the opportunities they present are not all the same. Joining us on The Daily Brief today from business performance consulting firm Ayming are Mr. Herve Amar, President, and Mr. Thomas Folsom, Managing Director USA, to share their insights into how oil and gas companies can best take advantage of these programs. To request a copy of the Benchmark report discussed in today's show, please visit https://thebenchmark.ayming.com/

In today's episode: Chevron’s CEO says it won’t follow in the footsteps of other supermajors “aspirational” climate change goals; Oil prices stopped their recovery, as Russia’s delegate walked out of the OPEC Plus meeting in Vienna this morning; And, a consensus seems to be building on Wall Street around a coming contraction in global oil demand. Today's episode of The Daily Brief is sponsored by Siemens. Visit www.siemens.com/oilandgas to learn more about Siemens’ engineering services and technologies for platforms and vessels, including FPSOs.

In today's episode: Exxon and Chevron's CEOs are looking at a challenging week for earnings results on Wall Street; Oil prices held on to gains, as a key OPEC committee looks set to recommend higher production cuts for the group's meeting on Thursday; The managers of Alaska's $67 billion sovereign wealth fund are not pleased with a key bank that's opposed to Arctic drilling projects; We'll take a quick look at the role R&D tax credits can potentially play in meeting energy transition goals; The Texas Railroad Commission posted its total oil and gas production numbers for the state in calendar year 2019. Learn more about the Ayming US report on R&D tax credits here: https://thebenchmark.ayming.com/ Today's episode of The Daily Brief is sponsored by Siemens. Visit www.siemens.com/oilandgas to learn more about Siemens’ engineering services and technologies for platforms and vessels, including FPSOs.

In today's episode: Oil is climbing again, on signals that OPEC and central bankers may be ready to prop up financial markets; OPEC production is sinking, thanks to a combination of careful planning and events outside the group's control; An election in Guyana will determine who holds the purse strings in the suddenly oil-rich nation; Two of the worlds largest energy conferences were canceled yesterday, after the World Health Organization raised its virus threat level. Also, today we welcome Siemens as a new sponsor of The Daily Brief. Visit www.siemens.com/oilandgas to learn more about Siemens’ engineering services and technologies for platforms and vessels, including FPSOs.

In today's episode, we look at what the coronavirus is doing to Chinese gas demand, and the rare steps China is taking in response; gas prices in the U.S. fall to a four-year low; and oil holds around $50 in spite of OPEC's inaction.

Integrating people, processes and technologies is a complex challenge in modern offshore drilling operations. From the operator's standpoint, finding a baseline of reliability and certainty to maximize rig operational time is a primary goal. At Baker Hughes' 2020 Annual Meeting in Italy, we spoke with Chuck Chauviere, the company's Vice President of Subsea Drilling Systems, about how new technologies are driving predictivity into drilling actions, and helping to build the baseline of reliability and certainty that operators demand.

Digitalization is a critical tool for oil and gas companies, as they work to improve both production efficiency and compliance with climate change goals. While these new, interconnected systems expand across the exploration and production cycle, security risks are growing right along with them.Joining The Daily Brief today is Michael Porier, Managing Director with business and technology consulting firm Protiviti, to talk about cyber security risks, and how companies can mitigate these risks in their digital transformation plans. Download the Protiviti report, "National Terrorism Advisory System (NTAS) Issues Bulletin on Potential Terrorism Threat to the U.S. Homeland From Nation-State Cyberattacks" here:https://www.protiviti.com/US-en/insights/protiviti-flash-report-nation-state-cybersecurity-threat-010720

Guyana's recoverable reserves jump with a new discovery, Texas voters will have an outsized impact on climate change, and we put a number to the barrels at risk to the coronavirus.

Oil hits a two-month low as the Asian virus threatens demand; one of the best-known shale bankers tells Houston to embrace the energy transition; continued Mediterranean tension has tankers piled up off Libya's coast.

At Davos, energy chiefs tout CO2 capture technologies while Greta Thunberg slams progress; the U.S. shale industry has already peaked for service companies; and oil claws back some recent losses following prolonged unrest in Libya.

One of the three energy forecasting agencies is completely wrong, the EU considers military intervention as Libyan oil output stops, and Republican lawmakers plot their own 'green' strategy to reach young voters.

DUC declines reflect a slowdown in U.S. shale, oil advances on Trump's trade agreement, Turkey's Mediterranean drilling plans raise tensions in the EU, and more

Texas processes drilling permits at a record pace; Encana formalizes its plan to leave Canada; Norway's finance minister says the oil era isn't over; Total hires Maersk Drilling for a record-setting well offshore West Africa

We look at the influence gasoline prices can have on U.S. elections, a hedge fund that won big shorting shale is bullish on Canada, and the EU makes a trillion-euro climate commitment.

Oxy conducts sweeping layoffs; no matter what Trump says, the U.S. needs Middle East oil; China offers access to foreign companies to its oil and gas fields, and more

Today's topics include:- The recent oil rally is cooling, after Iran's foreign minister said they are not seeking an escalation or war following last night's strikes on U.S. bases in Iraq;- OPEC seeks to reassure the oil markets amid spiking Mideast tensions;- With Vladimir Putin standing at his side, Turkish president Recep Tayyip Erdogan offers to diffuse the U.S.-Iran standoff

Today's topics include:- Apache and Total make a significant discovery offshore Suriname;- BP is reshaping its UK North Sea portfolio with a 626 million dollar asset sale;- Oil producers are locking in price gains in the wake of Middle East tensions;- The American Petroleum Institute is taking on Democrats’ climate plans in a new TV ad campaign. As mentioned on today's show, below is a link to check out the first TV spot in API's new PR campaign:https://youtu.be/87ObTFn68ic

Today's topics include:- Oxy seeks to spin off its Western Midstream Partners unit to reduce balance sheet debt;- Equinor makes significant emissions-reductions pledges for its Norwegian operations;- Brent crude briefly touches $70 as fears of an oil supply disruption grow.David Russell, VP of Content Strategy at TradeStation in Chicago joins the show today as well, to talk about how markets are reacting to recent actions in the Middle East, and observes which trends are having the most impact on global stock markets. Also, as referenced in today's show, below is a link to a story on WorldOil.com that may shed some additional light on Oxy's timing of its Western spinoff:https://www.worldoil.com/news/2020/1/3/permian-pipeline-competition-accelerates-as-capacity-exceeds-supply

Oil soars to near $70/bbl on escalating Iran tensions; Hess bucks the market with its Guyana project; Pemex goes back to the drawing board on priority drilling projects, and more

Today's topics include: According to the Federal Reserve Bank of Dallas, the Texas oil sector continues contracting amid ‘challenging’ conditions; Trump’s sanctions have led Allseas to halt its work on Putin’s Nord Stream 2 gas pipeline; ExxonMobil and its partners have made another major oil discovery in the Stabroek block offshore Guyana; Apache and Total have formed a joint venture to explore offshore Suriname; Analysts see few surprises in 2020 as OPEC+ cuts trim the global oil surplus.

Topics on today's show include: Shale pioneer Harold Hamm has invited Senator Elizabeth Warren to tour shale sites in her home state of Oklahoma; Schlumberger has committed to meeting the U.N. Paris Agreement’s emission-reduction targets; Norway’s financial regulator says ‘green’ investing has a dark side; And finally today, the U.S. Department of Energy has won the dubious distinction of coining the worst phrase of 2019. Also for the last two weeks of December, we'll do a weekly recap episode on December 27th and January 3rd. Daily episodes will resume on Monday, January 6th.

Topics covered on today's show include: An Israeli court halted Noble’s Leviathan gas project over environmental concerns; Canadian crude-by-rail shipments are ready to surge, and spurring new export investment; Alaska’s governor says that an oil tax hike might imperil an industry renaissance in the state; Chinese traders offering LNG on the cheap hints at a severe supply glut; BP is following Total in a quest to improve recyclability of petroleum-based products. To read more on today's topics, please visit www.worldoil.com/news