Oil, Oil, Oil -- July 8, 2020

Wow, wow, wow, completely unexpected:

Some of these items have been previously posted.

Bad, bad news for Saudi Arabia: US oil exports can "break-even" at $30/bbl.

More bad news for Saudi Arabia: some US shale is profitable at $40/bbl. And that "some" increases over time.

Saudi Arabia: needs $53-oil to clear current accounts; needs $82-oil to balance budget.

Raising prices: Saudi Arabia raising OSP to US, China. Interestingly enough, a day after that report published, OPEC basket dropped sightly.

Deep, deep trouble. PEMEX: really, really, broke. Now asking to pay creditors with IOUs. Link here.

Petroleos Mexicanos’s nearly $105 billion in debt already makes it the biggest borrower of any oil company in the world. And it’s accruing more.

Pemex, as the Mexican state oil company is known, is asking some of its contractors if they can wait until next year to be paid money that is owed to them now ...

Three contractors that are being asked to defer payment are waiting on $115 million in payouts ... could easily total billions of dollars.

According to the people, contractors enter their invoices on Pemex’s website and receive a confirmation number and an estimated time of payment. The invoice number, known as “Copade,” is no longer being issued in some cases.

Peak oil? What peak oil? 

Equinor makes another significant North Sea discovery; link here.

Equinor ASA revealed Wednesday that it has discovered gas and condensate in exploration well 30/2-5 S Atlantis, which is situated by the Kvitebjorn field in the Norwegian section of the North Sea.

The proven reserves of the find are estimated to be between 19 and 63 million barrels of oil equivalent, according to Equinor.

 West Coast LNG export terminal approved by US DOE, link here:

The U.S. Department of Energy issued a final long-term order to authorize exports of liquefied natural gas (LNG) from a project in Oregon that they expect will help the U.S. sell gas to the fastest-growing import market, Asia.

The U.S. Department of Energy authorized exports of up to 1.08 billion cubic feet per day of natural gas from the proposed Jordan Cove LNG Terminal in Coos Bay, Oregon, owned by Canada’s Pembina Pipeline Corporation. This is about 20 million boepd.