Here is a recap oil and gas market hits and misses for the week ending Jan. 22, 2021.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
In this look back at the week’s hits and misses in the oil and gas markets, one of Rigzone’s regular market-watchers discusses encouraging signs from major players in the oilfield services (OFS) sector. Moreover, he offers his take on which of the top OFS companies appears most optimistic about business conditions in 2021. Keep reading for details on this and other timely topics.
By: Amy Slanchik
TULSA, Okla. -
President-elect Joe Biden is indicating he plans to cancel the Keystone XL pipeline permit on his first day in office, according to a Canadian Broadcasting Corporation report.
A map from TC Energy shows both the existing Keystone Pipeline system and the proposed Keystone XL Pipeline, which is shown with a dotted line. Experts said completing the Keystone XL Pipeline would mean an additional 800,000 barrels of oil coming into the United States every day. I think from a national perspective, I think this is a mistake to not let the pipeline be built,” Tom Seng, the Director of the School of Energy Economics, Policy and Commerce at the University of Tulsa, said.
Here is a recap oil and gas market hits and misses for the week ending Jan. 8, 2021.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Until the onset of the shale revolution, OPEC – primarily Saudi Arabia – was long considered the world’s “swing” supplier of crude oil.
As a 2015 Rigzone article explains, taking on that role involved adjusting crude supplies to offset perceived oil market shortages and gluts. Thanks to the influx of non-OPEC crude supplies, much of it resulting from the U.S. shale revolution, the OPEC/Saudi swing producer status diminished.
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