Fear of possible civil strife and disruption of crude production and exports in Venezuela drove US crude futures prices above $46/bbl Aug. 13 for the first time in the contract's history as panicky traders scrambled to cover outstanding sales positions ahead of the Aug. 15 recall referendum election against Venezuelan President Hugo Chávez.
The world is currently facing a "50/50 oil market" in that there exists a 50% chance that the price of oil will reach $50/bbl within the next 50 days, according to Daniel Yergin, chairman of Cambridge, Mass.-based Cambridge Energy Research Associates (CERA).
National-Oilwell, Varco to merge in $2.5 billion deal
A merger between an oil drilling equipment manufacturer and a manufacturer and supplier of drilling systems and rig instrumentation was the largest transaction among recent oil-related mergers and acquisitions.
Temperature anomalies associated with oil-producing structures in the US Midcontinent and similar cratonic areas probably can be used reliably as a passkey for petroleum exploration in mature areas, and thus the concept of hot anticlines could be a key to discovery.
The US can ill afford persistent opposition to new pipelines and natural gas storage, a new report sponsored by the Interstate Natural Gas Association of America said last month(OGJ, july 26, 2004, p.7).