(World Oil) – In its March 2025 Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecast crude oil production in Alaska will increase by 16,000 barrels per day (bpd) in 2026 to 438,000 bpd after remaining relatively flat in 2025. Two new oil developments in Alaska — the Nuna and Pikka projects — are expected to boost crude oil
US shale companies produce more crude using fewer rigs
World Oil (Bloomberg) – OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits. OPEC produced an average of 26.98 MMbpd in June, or 80,000 bpd less than during the previous month, according to a Bloomberg survey. Small reductions in Iraq and Nigeria drove the decline. The survey showed that Iraq
Worldoil.com RIO DE JANEIRO (Bloomberg) –If an energy transition is underway around the world, it hasn’t reached the streets of Ilha da Conceicao, the working-class district at the heart of Rio de Janeiro’s oil revival. There, buses and trucks are piling into Baker Hughes Co.’s shipyard, where the energy services giant is churning out hundreds of kilometers of oil and
Reuters NEW YORK – U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast for a drop of 240,000 bpd. Saudi Arabia this month pledged additional, voluntary oil output cuts, sending oil prices to
EIA Between December 2019 and May 2020, crude oil output in North Dakota fell from an average of 1.5 million barrels per day (b/d) to 0.9 million b/d, a decline of more than 615,000 b/d (41.6%). This production decline is greater than it would have been if producers solely halted new drilling and allowed production from current wells to naturally
Reuters SINGAPORE/LONDON – Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of
Reuters HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said. The largest U.S. oil and gas producer this month told workers in Texas and New Jersey to accept contract offers because they would
Houston Chronicle Crude oil production and exports soared during the last week of February while U.S. inventories grew slightly, a new report from the Department of Energy showed. During the last week of February, the United States produced a record 13.1 million barrels of crude oil per day and exported nearly 4.2 million barrels of that production, a Wednesday morning
Houston Chronicle The health of the Texas energy sector declined for 10-straight months to close out 2019, even as oil and gas production steadily rose throughout the year, according to a new report from the Texas Alliance of Energy Producers. An index measuring the strength of the Texas oil industry fell by almost 10 percent last year, showing a steady
EIA EIA’s U.S. crude oil production forecast is based on the West Texas Intermediate (WTI) price forecast in the January 2020 STEO, which rises from an average of $57 per barrel (b) in 2019 to an average of $59/b in 2020 and $62/b in 2021 In the January 2020 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that
EIA forecasts 11.8 MMBOPD for total U.S. oil production in 2019 A new IHS Markit outlook released today expects the Permian Basin’s crude oil production to more than double its 2017 record of 2.5 MMb/d to 5.4 MMb/d by 2023. This level of production would elevate the U.S. to a power exporter status that rivals Saudi Arabia, with total U.S.
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