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Brent crude oil for February delivery gained nearly $1 to settle above $62/bbl on the London market Dec. 7. The benchmark continued gaining on Dec. 8. Analysts credited both Brent and US benchmark oil price support to the release of official Chinese data that showed crude imports rose in November to more than 9 million b/d. 

The US Bureau of Land Management temporarily suspended or delayed parts of its 2016 venting and flaring rule until Jan. 17, 2019. “By holding off on certain requirements, BLM now has sufficient time to review the final rule while avoiding any compliance costs on industry that may not be needed after the review,” Deputy Director for Policy and Programs Brian Steed said after the Dec. 7 action.

The Organization of Petroleum Exporting Countries expects US unconventional crude oil production from tight shale formations to increase the country’s global market influence through 2025, the chief economist for the cartel said on Dec. 7.

The oil and gas industry will continue its slow recovery as upstream companies increase production, helping the midstream and services businesses as well, according to Moody’s 2018 outlook. Excess supply will continue to dampen oil prices in the coming year. Natural gas prices, on the other hand, will benefit from higher demand, but price gains will still be limited.

US security goals based on crude oil import disruptions in the 1970s and '80s need to be reconfigured to reflect the country's improved oil and gas outlook resulting from the burst of unconventional exploration and development since 2005, speakers said during a Nov. 30 discussion at Resources for the Future.

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State's greatest period of infrastructure development at hand - West Virginia Oil and Natural Gas Association https://t.co/3Ovvb5xYCi