Oil Price New Mexico is set to overtake Mexico’s crude oil production in the current month. That’s what commodity analysts at Standard Chartered have projected in a new report obtained by Oilprice.com, with New Mexico’s production in September just 74,000 barrels per day less than Mexico’s. “The surge in New Mexico’s output is centered on two counties, Lea and
Nasdaq A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, meets on Wednesday to consider output cuts that could exceed 1 million barrels
World Oil (Bloomberg) — The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine will lead to an 18% drop in the country’s fuel output by the end of next year, the Energy Information Administration (EIA) said in a monthly report. Production of Russian liquid fuels is set to reach 9.3 million barrels
World Oil (Bloomberg) — U.S. crude output will grow at a more diminished pace than previously expected as shale producers grapple with higher production and labor costs amid rampant inflation. Production in 2022 is now expected to average 12.01 million barrels a day compared to the previous forecast of 12.03 million barrels a day, according to the Energy Information Administration.
Reuters Global oil output was already hard pressed to meet the sharp rebound in economic activity in the wake of the COVID pandemic – then came Russia’s invasion of Ukraine. The International Energy Agency on Tuesday said sanctions and wary buyers were set to take 3 million barrels of Russian oil and products off the market, setting back hopes of
Reuters LONDON -Crude oil prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks on the back of higher refinery runs while demand remained subdued compared with pre-pandemic levels. Brent crude fell 15 cents, or 0.2%, to $63.01 a barrel by 1154 GMT. U.S. oil fell 28 cents, or 0.5%, to $59.49. While crude oil
Reuters DUBAI/MOSCOW – Ministers from OPEC+ group of oil producers met on Thursday to decide whether to keep output steady or agree a modest increase, with Saudi Arabia and Russia saying a recovery in demand for crude remained fragile. Saudi Energy Minister Prince Abdulaziz bin Salman and Deputy Prime Minister Alexander Novak, lynchpins in the OPEC+ group, have to decide
Reuters LONDON – Hedge fund managers are starting to diverge over the likelihood of further oil price increases as Brent futures surge above $50 per barrel and global coronavirus infections accelerate. Hedge funds and other money managers purchased the equivalent of 14 million barrels of futures and options in the six most important contracts in the week ending Jan. 5.
Reuters LONDON -Oil rose on Tuesday as the United States moved towards expanding pandemic aid payments, potentially spurring fuel demand and stimulating economic growth, which pushed investors to take on more risk. Brent crude was up 53 cents, or 1%, at $51.39 a barrel by 1440 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 52 cents, or 1.1%,
Reuters DENVER – U.S. frackers have been bringing back equipment to boost production even with oil prices languishing around $40 a barrel, tapping into a backlog of drilled wells left uncompleted (DUCs) when oil prices crashed in the spring. Oil producers halted expensive fracking operations when prices cratered on pandemic-related shutdowns and a price war. Among the first wells to
Reuters LONDON – Libya’s oil sector, shattered by unrest since the toppling of long-time leader Muammar Gaddafi in 2011, is back on the rise. The easing of a blockade by eastern forces, which had cut output by more than 90% to around 100,000 barrels per day (bpd), has seen production recover to about 500,000 bpd. The government in Tripoli expects
OAG360 Publishers Notes: Check out our new DOE dashboards for crude oil inventories and natural gas inventories: https://www.oilandgas360.com/dashboards/oil-and-gas-inventories/ Reuters NEW YORK – Oil prices rose for a second day on Wednesday, gaining about 3% on an unexpected decrease in U.S. crude inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut. U.S. crude stocks fell by
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