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Oil Market Outlook News

22 Feb 2019

Global Decommissioning Set for Record Levels in 3 Years

With the global offshore decommissioning industry expected to reach $36bn over the next 3 years, several hundred offshore oil and gas wells could cease production by 2021 in the face of today’s bearish oil market.As a consequence, so-called decommissioning obligations in the global oil and gas industry rose to $11.7 billion last year and are projected to hold steady at an average of about $12 billion per year from 2019 through 2021, according to Rystad Energy.“2018 was an all-time high, and the next years are set to break this record,” said Rystad Energy partner Audun Martinsen. “To put this into context, the global oil and gas industry…

17 Jan 2019

Offshore Service Market to Outspace Onshore Shale

Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector are set to benefit from this trend reversal.At current oil price levels, spending on land rigs, fracking and other services for the shale industry is likely to stay essentially flat in 2019. The offshore service market, too, will feel the effects of the recent oil price slide, but this sector is nevertheless projected to grow by a robust 4% this year…

17 Jun 2014

IEA: Unconventional Oil Revolution to Spread by End of Decade

Photo courtesy of IEA

The IEA’s Medium-Term Oil Market Report 2014 will be officially launched during a Press webinar on Tuesday, June 17, 2014, 11 a.m. Paris time. In addition, a web-based technical briefing will take place on June 17, at 16:30 Paris time where journalists will have an opportunity to put questions to the team that produced the Medium-Term Oil Market Report 2014. The unconventional supply revolution that has redrawn the global oil map will likely expand beyond North America before the end of the decade…

15 Oct 1999

OPEC Heads Plan Summit To Discuss Oil Market

Senior oil ministry officials from OPEC's 11 member states will meet Nov. 17 in Vienna to prepare a rare summit of the cartel's heads of state and discuss the oil market outlook, an OPEC spokesman said. "They will flesh out the agenda for the heads of state summit and discuss the medium-term objective for OPEC, the oil market situation, supply and demand," said Farouk Muhammed, spokesman for the Vienna-based OPEC secretariat. The meeting will be followed in early December by talks in Caracas of senior diplomats and oil ministry officials, plus OPEC Secretary-General Rilwanu Lukman, to complete preparatory work for the summit on March 30. OPEC oil ministers are expected to hold their next full conference in Caracas on March 27, to review a 12-month agreement to cut production.