Oil price news

Estimated net production from Serica’s interests in Bruce, Keith, Rhum (“BKR”) and Erskine, in the UK North Sea, was 30 000 boe/d during 2019, around 13% higher than the production from the same assets in 2018 on a like-for-like basis.

Compared with recent years, both crude oil prices traded within relatively narrow price ranges throughout the year.

This is in comparison to the US$64.56/bbl the price stood at the previous Friday.

Rystad Energy chief oil market analyst Bjørnar Tonhaugen has warned of a clear risk of a slower restart of oil production from Saudi Arabia following last week's drone attack, despite optimistic guidance from Saudi Aramco on Monday.

60% of the top 50 oilfield service (OFS) contractors already improved margins and increased operational efficiency in the first half of 2019.

Wood Mackenzie VP for Refining, Chemicals and Oil Markets, Alan Gelder, has said that the loss of supplies from Saudi Arabia cannot be met for long by existing inventories.

The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million bpd of crude production.

US Light Tight Oil (LTO) represented less than 1% of global oil supply nine years ago but now represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.

The 5% tariff announced last Friday is the first time that Beijing has targeted crude oil.

The majority of oil produced from the MJF structure in west Kazakhstan may now be sold by reference to international rather than domestic prices.