U.S. offshore oil production is booming as operators are bringing new platforms online. Years of underinvestment in drilling activity have taken their toll on the offshore industry. Goldman Sachs expects offshore E&P capex to triple from recent lows. With news that Germany is no longer a hold out on EU-wide Russian oil import restrictions, the oil market supply crunch is looking to get even worse if the EU decides on a full ban. While Hungary remains a potential holdout, sources cited by the Wall Street Journal indicate the 27-member bloc is discussing ways to help the country manage oil supplies without flows from Russia. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, with Europe importing 138 million tons of Russia’s oil last year, good for 53% of its total oil exports. Meanwhile, OPEC’s production woes never seem to […]