05-03-2016, 12:34 AM
Today the Petroleum Services Association of Canada (PSAC), in its second update to the 2016 Canadian Drilling Activity Forecast, announced it revised the forecasted number of wells drilled (rig releases) across Canada for 2016 to 3,315 wells. This represents a decrease of 1,835 wells and an approximate 36% decline from PSAC’s original 2016 Drilling Activity Forecast released in early November 2015.
PSAC revises 2016 drilling forecast, significantly lowering activity
Leftist guerrillas in Colombia, rebels in Libya and militants in Nigeria are succeeding where the world’s biggest oil producers failed, helping keep a 1.5 MMbpd surplus from expanding.
Guerrillas and rebels do for oil market what producers couldn't
Oil prices plunged to their lowest levels in more than a decade earlier this year, but have since rallied by more than 70 percent from their February lows. Now oil is at a crossroads: the market is balancing, but not quickly enough. Oil traders are gaining confidence, but with oil trading at $45 per barrel, is the risk more to the upside or downside? Will the rally continue or will prices fall back again? And what about the long-term? Will today’s investment cuts lead to future shortages? To get some answers to these questions, Oilprice.com decided to check in with Neil Atkinson, the Head of the Oil Markets Division at the International Energy Agency based in Paris, and also the Editor of the IEA’s closely watched Monthly Oil Market Report.
Can Oil Continue To Rally? An Interview with the IEA’s Neil Atkinson | OilPrice.com
Ship tracking data from Bloomberg shows that 83 supertankers carrying around 166 million barrels of oil are headed to China, which has stockpiled an impressive 787,000 barrels a day in the first quarter of 2016—the highest stockpiling rate since 2014. While the world was speculating about oil prices plunging to $20 and $10 per barrel, China was busy stockpiling its reserves.
Why China Is Really Dictating the Oil Supply Glut | OilPrice.com