The US oil and gas rig count leaped 30 in the week ending March 3 to 491, rig data provider Enverus said, reaching the highest total since late-April 2020, as Continue Reading
U.S. crude oil refinery inputs averaged 9.9 million barrels per day during the week ending February 26, 2021 which was 2.3 million barrels per day less than the previous week’s Continue Reading
This year’s rally in oil prices brings back an all-too-familiar question for the oil market and the OPEC+ group: Will U.S. shale come back faster than expected to ruin the Continue Reading
Temperatures dipped far below normal levels in the mid-region of the US during the week ending Feb. 19, causing substantial production freeze offs and power outages at refineries, terminals, and Continue Reading
Highlights Basin capable of 200,000 b/d growth for some years Pioneer, with Parsley add, now has 20 rigs in basin Majors greatly reduced Permian rigs in past year Houston — Continue Reading
When Weatherly Oil and Gas filed for bankruptcy in February 2019, the company was walking away from several hundred Texas wells. Many hadn’t produced a drop of oil in years. Continue Reading
Oil company executives at CERAWeek by IHS Markit were adamant on Monday that crude demand will rise over the coming decade and that the fossil fuel will remain a crucial Continue Reading
The long-awaited, much-anticipated energy market recovery has begun, Baker Hughes CEO Lorenzo Simonelli said on Monday during CERAWeek, according to Reuters . The oil and gas industry suffered last year Continue Reading
The energy transition took off in a big way just as the coronavirus pandemic was overtaking the globe in 2020, but fossil fuels are still seen growing at least through Continue Reading
As thousands of oil and gas jobs disappeared during the oil price and demand crash last year, more and more former oil workers moved to jobs in the clean energy Continue Reading
U.S. crude oil production fell in December to an average 11.063 million barrels per day, according to the Energy Information Administration’s latest monthly report . U.S. crude oil production fell Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 this week. The total number of active oil and gas Continue Reading
US refiners are restarting their plants after the recent deep freeze stretching from the Texas Gulf Coast north through the Midwest impacted refinery operations across a broad swath of the Continue Reading
U.S. crude production decreased for the first time in four years in 2020 as the pandemic crushed global oil demand. American crude output averaged 11.313 million barrels a day last year, Continue Reading
Highlights Permian operators add 5 rigs week on week Potential DAPL shutdown widens Willison-Clearbrook spreads EcoPetrol to triple Permian investment The US oil and gas rig count stood steady at Continue Reading
One in every seven Texas gas stations is without fuel a week after the historic freeze crippled refineries and trucking, prompting at least one major retailer in the second-largest U.S. Continue Reading
Oil prices have staged an extraordinary rally in the last three months, rising by 50%. Biden’s presidency, the vaccine rollout, a weak dollar, low interest rates, no inflation, and hopes Continue Reading
OPEC and its allies could find managing supply to the oil market easier this year, as U.S. shale producers are still not rushing to accelerate output at $60 oil, OPEC Continue Reading
Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut Continue Reading
OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC Continue Reading
Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to November 2020. Continue Reading
Across the plains of West Texas, the pump jacks that resemble giant bobbing hammers define not just the landscape but the state itself: Texas has been built on the oil-and-gas Continue Reading
The pandemic shock to demand and the energy transition strategies are set to bring peak crude and natural gas production for Big Oil in 2028, at a lower volume and Continue Reading
Texas oil refineries shut by cold-weather disruptions may take several weeks to resume normal operations, industry experts said on Friday, helping to push up fuel prices. About a fifth of Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States stayed the same this week. The total number of active oil and gas Continue Reading
Some of the largest oil refineries in Texas could take weeks to restart as they would need to repair the damages from the big Texas freeze, Bloomberg reports , citing Continue Reading
The record-low temperatures sprawled across the Central and Southern US over the past week not only lead to large-scale production freeze-offs at wellheads but also exposed the threat bitter cold Continue Reading
The severe winter storm that swept through the United States this week likely shut in between 2 million barrels per day (bpd) and 4 million bpd of the total U.S. Continue Reading
Crude oil prices jumped higher after the Energy Information Administration reported crude oil inventories in the U.S. had shed 7.3 million barrels in the week to February 12. This compared Continue Reading
U.S. crude oil production has plunged by as much as 40 percent due to the Polar Vortex that brought freezing temperatures to swathes of the United States, most notably including Continue Reading
The coronavirus pandemic, which has caused US production to drop by nearly 2 million b/d in the last year or so, has shown the vulnerability of shale development when capital Continue Reading
Restarting oil and gas wells closed by the extreme cold sweeping much of the U.S. isn’t going to be quick or easy, even once the ice thaws and power is Continue Reading
Oil’s recent rise above $60 a barrel will test the willpower of shale companies that pledged to slow drilling and repair balance sheets battered by the pandemic. The highest prices since Continue Reading
While analysts and industry officials hail the tightening of the oil market and the rebalancing of supply and demand, the huge build of global stocks last year poses the question Continue Reading
Oil products stockpiles at the Port of Fujairah dropped to the lowest level of 2021, with exports of fuel oil setting a record high. Receive daily email alerts, subscriber notes Continue Reading
Most of the projected 3 million b/d-4 million b/d of downed US crude oil production, which went offline after power failed and wellheads froze from brutally low temperatures and ice Continue Reading
Occidental Petroleum Corp., the second-largest oil producer in the Permian Basin of West Texas and New Mexico, told buyers it will be forced to curtail deliveries due to complications from Continue Reading
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US crude inventories likely continued to fall in the week ended Feb. 12, as refinery runs were stable while crude exports climbed, analysts surveyed by S&P Global Platts said Feb. Continue Reading
Global oil market balances are a blind spot for the market. Despite eye-catching depletions in stocks at key hubs like Cushing and Fujairah, storage is stubbornly high. China’s uncertain appetite Continue Reading
Permian oil production has plunged by as much as one million barrels a day as the coldest weather in 30 years brings havoc to a region that seldom faces frigid Arctic Continue Reading
The saying has it that in every crisis there is opportunity, and the oil industry is no exception, with efficiencies and targeted investments being the prime focus areas during and Continue Reading
“Unfortunately, our economic bedrock of oil and gas is under attack by an administration that is bent on eliminating millions of jobs,” Republican Congressman Brian Babin announced to the public Continue Reading
A sharp drilling slowdown in the Permian Basin last year failed to improve the shale play’s record on methane emissions, according to a report by the Environmental Defense Fund. One in 10 Continue Reading
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 last week. The total number of active oil and gas Continue Reading
U.S. oil demand is finally starting to emerge from the grips of pandemic after months with Asia serving as the lone bright spot in the global market market. American refiners are Continue Reading
The US oil and gas rig count moved up one to 457 in the week ending Feb. 10, rig data provider Enverus said, as growth slowed from double-digit rig increases Continue Reading
Highlights IEA sees US, Canada posting oil supply gains in 2021 IEA predicts oil demand to grow 5.4 mil b/d this year IEA sees ‘rapid stock draw’ in H2 London Continue Reading
The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue. Rigs are typically rented out Continue Reading
A coalition of Texas oil industry groups is pledging to end routine flaring of natural gas from wells and other facilities by 2030 amid signs that state regulators may crack Continue Reading
