Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s):  ZPTAF | T.SGY.DB.B

Surge Energy Inc. is a Canada-based oil focused exploration and production (E&P) company. The Company's business consists of the exploration, development and production of oil and gas from properties in Western Canada. It holds focused and operated light and medium gravity crude oil properties in Alberta, Saskatchewan and Manitoba, characterized by large oil in place crude oil reservoirs with low recovery factors. It offers exposure to two of the five conventional oil growth plays in Canada: the Sparky and SE Saskatchewan. It holds a dominant land position and is drilling a mix of horizontal multi-frac and horizontal multi-lateral wells in the Sparky area. Sparky is a large, well established oil producing fairway in Western Canada. SE Saskatchewan is a focused operated asset base with light oil operating netbacks. SE Saskatchewan operates low-cost wells with short payouts and offers potential for continued area consolidation.


TSX:SGY - Post by User

Post by Carjackon Dec 14, 2023 9:48am
176 Views
Post# 35784195

IEA: Global Oil Inventories Fell in October

IEA: Global Oil Inventories Fell in October

Global observed oil inventories fell in October, with the first drop in oil product stocks for the first time in four months, the International Energy Agency (IEA) said on Thursday.

Global observed oil inventories dropped by 19.6 million barrels in October, with crude inventories largely unchanged, but with the first decline in refined petroleum stocks in four months. The falling product stocks in October reversed the trend from the third quarter when oil product stocks rose by 1.3 million barrels per day (bpd), while crude drew 1.6 million bpd on average, the IEA said.

The latest OPEC+ cuts announced for the first quarter of 2024 are aimed at preventing a potential inventory build, the agency said. But it also noted that soaring supply from non-OPEC+ producers – led by the United States – and slowing global demand growth this quarter could make OPEC+’s task to support prices more difficult.

“The continued rise in output and slowing demand growth will complicate efforts by key producers to defend their market share and maintain elevated oil prices,” the IEA said in its Monthly Oil Market Report today.

“Improved drilling efficiencies and well productivity in the shale patch saw US oil supply exceed 20 mb/d in September, defying industry warnings of an imminent slowdown in growth due to cost inflation and oil field service capacity constraints,” the agency noted.

As a result, the IEA has now revised up its projections for U.S. supply in the second half of 2023 by nearly 600,000 bpd since its June report.

 

The United States is now on track to deliver a supply increase of 1.4 million bpd in 2023, accounting for two-thirds of the 2.2 million bpd non-OPEC+ production growth. At the same time, OPEC+ will post a 400,000 bpd decline in output and its market share will drop to 51% in 2023 – the lowest since the OPEC+ group’s creation in 2016, the IEA said.

 


 


<< Previous
Bullboard Posts
Next >>