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Message
re: US crude output to rise to record 12.76 million bpd in 2023
Posted on 8/10/23 at 10:01 pm to Green Chili Tiger
Posted on 8/10/23 at 10:01 pm to Green Chili Tiger
Gas is nearly $4/gal and oil is predicted to go near $90/bbl in the latter part of 2023.
1
Posted on 8/10/23 at 10:50 pm to Bayoutigre
quote:
Im calling BS on this if we were at record levels we would know it in south LA.1 rig drilling in my coastal parish.
Nah.
Easier and cheaper to produce in Deepwater and other places these days
Posted on 8/10/23 at 10:55 pm to Ten Bears
quote:
Cool....now only if we could refine it
we literally have off-spec oil stacking up everywhere because refineries are rejecting it
iron content is too high
Posted on 8/10/23 at 10:56 pm to Tmcgin
quote:
That can’t be true
Biden killed the oil industry
Trump said so
biden tightened the areas the oil is coming from, we have more oil coming from fewer places because of his EOs
Posted on 8/10/23 at 11:04 pm to supatigah
quote:
biden tightened the areas the oil is coming from, we have more oil coming from fewer places because of his EOs
we have leftists here who obviously do not work in O&G and have not paid attention to what biden has done in his attack on fossil fuels with the federal lands leasing, ANWR, keystone Xl, regulations now in the GOM, etc. nor do they understand downstream, midstream and upstream. drilling or production.
Posted on 8/10/23 at 11:09 pm to cwill
quote:
There’s a war on oil!
there was a dramatic tightening of oil exploration on Fed lands on day one of the biden admin, the difference was made up on state and private lands and opening up the chokes on producing wells on fed lands
The Trump role in this goes back to the Iranian drone attack on the Aramco refinery in 2019, we declined to help the Saudis attack Iran, the royal family got pissed and decided to go for broke funding their reform policies inside KSA. The saudis cut production to raise revenues and doubled down with the russians after the ukraine war sanctions hit. this hasnt hurt as much because we went from 25% of our oil consumption in tge 90s coming from KSA to now 13%
there were a lot of US wells that were drilled but not produced in the mid 2010s to late 2010s that became economical with higher prices. GOM has seen a large uptick on higher prices and stockpiled FED leases already purchased. large finds in the delaware basin have helped soften the saudis strategy as well
This post was edited on 8/10/23 at 11:11 pm
Posted on 8/10/23 at 11:10 pm to thebigmuffaletta
(no message)
This post was edited on 8/12/23 at 10:00 am
Posted on 8/10/23 at 11:15 pm to Fat Bastard
quote:
yup. trump kept us working while keeping prices lower at the pump but not so low so they stopped drilling/making profits. Most all my GOM drilling side support work is gone now thanks to biden. Overseas drilling work is supporting us now.
cwill is a finance guy who likes to flame, he knows what the realities are in O&G
we are developing chemical tech here, using it here but focusing on overseas sales channels for growth. here is so competitive the producers want everything at commodity prices.
I went overseas once in my first twenty five years, I have gone overseas twice a year for the last five.
every trip overseas is productive, I have been to OC once in ten years, I have been to ADIPEC three times
Posted on 8/10/23 at 11:20 pm to Green Chili Tiger
Biden's America
Posted on 8/10/23 at 11:26 pm to supatigah
(no message)
This post was edited on 8/12/23 at 10:00 am
Posted on 8/11/23 at 1:41 am to Ten Bears
quote:
Cool....now only if we could refine it
We refine more than that total BPD throughput.
The big problem is this new tight shale production which is too light for almost all of modern refineries. I will be looking at a refinery idled for covid and stayed shutdown. It refined crude from local field for 60 years, 40ish API gravity. It was forced to refine 56-60 API gravity from new production and throughput capacity was decreased over 30% which "bankrupted" it as a single refinery.
Same thing happened to two small refineries that I had all but sold to Libya in 2011. One in OK and one in NM. Legacy fields dried up and new production locally was all new tight shale.
There are 7 new refineries PERMITTED for Texas since Biden was elected. The problem is contracts for products and funding. These are designed for tight shale crude which technically is condensate and only legally called crude oil due congress action from the 1970's
Posted on 8/11/23 at 7:05 am to VictoryTiger
quote:
. But, there is zero doubt that you’d be complaining about trump for prioritizing corporate profits over consumer benefits if it was the reciprocal.
I’m very unlikely to ever complain about corporate profits.
Posted on 8/11/23 at 7:11 am to Green Chili Tiger
Frightening.
And we've had a heat dome parked over Texas since early June. Big Oil just accelerates global warming, and is the personification of evil, wickedness and sin.
And we've had a heat dome parked over Texas since early June. Big Oil just accelerates global warming, and is the personification of evil, wickedness and sin.
This post was edited on 8/11/23 at 7:20 am
Posted on 8/11/23 at 7:43 am to Motownsix
quote:
It’s truly amazing that Trump lists energy independence as one of his accomplishments. He stood aside and watched SA bankrupt the US energy industry. There is not a single publicly traded US energy company that went up in stock price under his watch (even pre-Covid). Exxon went down by almost 50%. Anyone who invests in stocks know his term was brutal for the US. Yes there was cheap gas, but it was all from SA and it was a deliberate attempt to destroy the competition. It worked, and Trump did nothing. He claimed he begged them to lower production. He supposedly gave them weapons to keep prices here low, but he did nothing to save the 600+ US energy companies that went out of business.
It's a boom and bust commodity, please thank Trump for his non intervention.
Posted on 8/11/23 at 7:49 am to SquatchDawg
quote:
So after 4 years we’re back to where we were in 2019? Wow that’s great.
I gues Joe lies to the environmentalists just like he does everyone else.
yeah almost as if there wasnt an event where the entire world was shut down for two years lmfao
Posted on 8/11/23 at 9:28 am to supatigah
quote:
biden tightened the areas the oil is coming from, we have more oil coming from fewer places because of his EOs
We have moar oil coming from the same places it has been coming from for the last 10+ years - Eagle Ford, Permian and Bakken...none of which are in any substantial way being "tightened".
Posted on 8/11/23 at 9:36 am to Fat Bastard
quote:
yup. trump kept us working while keeping prices lower at the pump but not so low so they stopped drilling/making profits.
All those companies that went bankrupt 14-21 would probably disagree...the industry is substantially smaller and none of it has to do with either president. This idea that Trump managed oil price is absurd. The price collapsed because the Saudis opened the flood gates in 2014 and never really let up. They just managed the forward curve to try to kill the shale industry. Trump was simply president when that was going on. That era nearly killed the service side, which it appears you and supa are part of...it is notable that Trump did beg the Saudis to produce more and lower prices further.
Posted on 8/11/23 at 9:38 am to supatigah
quote:
cwill is a finance guy who likes to flame
I'm not a "finance guy" and I post facts here on this topic.
Posted on 8/11/23 at 10:03 am to cwill
quote:
We have moar oil coming from the same places it has been coming from for the last 10+ years - Eagle Ford, Permian and Bakken...none of which are in any substantial way being "tightened".
granted from my post you quoted but did you not read the next post I made?
quote:
there was a dramatic tightening of oil exploration on Fed lands on day one of the biden admin, the difference was made up on state and private lands and opening up the chokes on producing wells on fed lands
This post was edited on 8/11/23 at 10:07 am
Posted on 8/11/23 at 10:06 am to cwill
quote:
I'm not a "finance guy"
private equity, banker, industry analyst, whatever you are IDGAF
quote:
I post facts here on this topic.
sure but you do like to flame
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