Nasdaq LONDON – U.S. crude oil production increased again in July and neared the pre-pandemic record, showing output has remained more resilient than expected in the face of a steep downturn in drilling. Total production of crude oil and condensates increased to 12.99 million barrels per day (bpd) in July 2023, which was not statistically different from the record of
Oil Price Earlier this month, the Dallas Fed reported that the local oil industry was getting more upbeat about the future, expecting higher prices and expanding production. In fact, the Dallas Fed reported that production growth had sped up in the third quarter. The Energy Information Administration, however, had a different message: it forecast a continued decline across the shale patch, led by
Investing The Electric Reliability Council of Texas (ERCOT) sought bids from power producers on Monday to increase its operating reserves by around 3,000 megawatts in case of any unexpected spikes in demand during the upcoming winter season. The Texas grid has been concerned about extreme weather since a deadly storm in February 2021 left millions without power for days as
Oil Price Rising global demand for energy and oil is set to keep crude oil prices elevated, OPEC’s Secretary General Haitham Al Ghais told the BBC in an interview published on Tuesday. Oil demand is expected to rise by around 2.4 million barrels per day (bpd) this year compared to 2022, and by another 2 million bpd next year, Al Ghais said.
World Oil (WO) – The American Petroleum Institute urged the Biden administration to revise the proposed Subpart W greenhouse gas (GHG) reporting rule so that it reflects the progress industry has made to reduce emissions, increases transparency and accuracy of reporting, and incentivizes innovations in the use of empirical data and cost-effective methane detection technologies. In comments submitted to the
Oil Price The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine. “The fact that the systemic deficit has not gone away is manifested not only by the higher price level in 2023 compared to the pre-Covid
BOE Report The International Energy Agency, a Paris-based intergovernmental organization that regularly publishes energy research and outlooks, was in the news again the other week. “No new oil, coal projects needed as fossil fuel demand to peak this decade” blared the headlines from here, there and everywhere. The report concluded that demand for natural gas would also peak this decade.
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