production/supply – Oil & Gas 360

EIA World liquid fuels production outages have increased in 2020

October 13, 2020

EIA Disruptions to crude oil and condensate production from members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have risen considerably since last year. These outages have contributed to reduced liquid fuel supply and, along with crude oil production declines agreed to among OPEC and partner countries (OPEC+), have contributed to global liquid fuels inventory draws since June.

Fossil fuels account for the largest share of U.S. energy production and consumption

September 14, 2020

EIA Fossil fuels, or energy sources formed in the Earth’s crust from decayed organic material, including petroleum, natural gas, and coal, continue to account for the largest share of energy production and consumption in the United States. In 2019, 80% of domestic energy production was from fossil fuels, and 80% of domestic energy consumption originated from fossil fuels. The U.S.

Early 2020 drop in crude oil prices led to write-downs of U.S. oil producers’ assets

July 27, 2020

EIA According to publicly filed financial statements, 40 U.S. oil producers collectively wrote down $48 billion worth of assets in the first quarter of 2020, the largest quarterly adjustment since at least 2015. Low crude oil prices contributed to significant declines in revenue and the value of these companies’ proved reserves. Write-downs reflect negative adjustments in asset values, for example, when a producer acknowledges the

EIA expects lower natural gas production in 2020

May 15, 2020

EIA Oil and Gas Publishers Note: While the EIA is looking at prices in the $2.95 range, we have been talking to many experts in the oil and gas space and they look for higher numbers. It is always to get all of the data you can when looking at futures. The 360 Digital Closing Bell team are looking above

In 2019, U.S energy production exceeded consumption for the first time in 62 years

April 29, 2020

EIA Oil & Gas 360 Publishers Note: Very interesting data provided by the EIA. If the U.S. energy production exceeded consumption in 2019 with no Covid 19 Virus, what in the world is going to happen this year? In 2019, for the first time since 1957, energy production exceeded energy consumption in the United States on an annual basis, according

OPEC shift to maintain market share will cause global inventory increases and lower prices

March 16, 2020

EIA Markets for oil, as well as other commodities and equities, have experienced significant volatility and price declines since the final week in February amid concerns over the economic effects of the 2019 novel coronavirus disease (COVID-19). More recently, markets fell after the Organization of the Petroleum Exporting Countries (OPEC) and partners failed to reach an agreement to continue crude

U.S. crude oil production grew 11% in 2019, surpassing 12 million barrels per day

March 2, 2020

EIA Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels. The 2019 growth rate was down from a 17% growth rate in 2018. In November 2019, monthly U.S. crude oil production averaged 12.86 million b/d, the most monthly crude oil production in

U.S. crude oil production increases; imports remain strong to support refinery operations

February 25, 2020

EIA In the Annual Energy Outlook 2020 Reference case, EIA projects that the United States will remain a net exporter of total petroleum liquids; however, the United States will remain a net importer of crude oil through 2050. United States refineries are some of the most complex in the world and can process a wide range of crude oil qualities. Although U.S crude oil

U.S. crude oil production efficiency continues to improve

February 1, 2020

EIA U.S. tight oil production increased in 2017, accounting for 54% of total U.S. crude oil production, in part because of the increasing productivity of new wells. Since 2007, the average first full month of oil production from new wells in regions tracked by EIA’s Drilling Productivity Report (DPR) has generally increased. These growing initial production rates have helped tight oil production

EIA’s Annual Energy Outlook 2020 projects consumption growing more slowly than production

January 29, 2020

EIA The AEO2020 Reference case projects domestic energy demand to grow 0.3% per year on average through 2050, slower than the average annual growth of 1.9% in U.S. gross domestic product. This projection is largely driven by continued increases in energy efficiency in the end-use sectors The AEO2020 Reference case, which serves as a baseline for exploring the effects of

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