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
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
The world oil markets are facing a perfect storm which eventually could lead to structural economic and geopolitical changes. While Covid-19 has decimated markets and slashed profits, climate awareness and Continue Reading
Forecast Highlights The February Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused Continue Reading
American oil explorers will boost drilling and production later this year as crude prices are set to stay above $50 a barrel, according to a U.S. government report. Supply from new Continue Reading
Norway’s Equinor said on Wednesday it has agreed to sell its assets in the U.S. Bakken oil province after a decade plagued with billions of dollars of losses and criticism Continue Reading
The oil market could absorb more crude oil from Iran if US sanctions are eased, according to Iran’s governor to OPEC. Receive daily email alerts, subscriber notes & personalize your Continue Reading
Latin America just seems to be unable to synchronize its long-mooted upswing with global energy trends. Venezuela boasts the largest reserves on earth yet just as it starts to recover Continue Reading
“There is no scenario where hydrocarbons disappear,” the chief executive of Baker Hughes, Lorenzo Simonelli, said during his keynote speech at this year’s annual meeting in the company. Like other Continue Reading
The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives this week laid out deep spending cuts and plans to repay stubbornly-high debt even as Continue Reading
China National Offshore Oil Corporation Ltd., or CNOOC, targeted to produce 545 million-555 million barrels of oil equivalent, or 1.49 million-1.52 million boe/d, of oil and gas in 2021, up Continue Reading
The US oil and gas rig count jumped 14 in the week ending Feb. 3 to 456, rig data provider Enverus said, as oil market fundamentals continued to improve beyond Continue Reading
Rallying oil prices are testing once again the U.S. shale patch’s resolve to spend within their means and prioritize profitability over production growth. U.S oil prices above $55 a barrel Continue Reading
Annual Energy Outlook 2021 The Annual Energy Outlook presents an assessment by the U.S. Energy Information Administration of the outlook for energy markets through 2050. The Annual Energy Outlook narrative Continue Reading
In late 2019, as various candidates jockeyed to win the Democratic nomination for president, Elizabeth Warren made the statement that she would “ban fracking everywhere.” It was just the kind Continue Reading
Crude oil exports from the only deep-water port in the United States, Louisiana Offshore Oil Port, doubled in January from December to a record high, driven by robust demand from Continue Reading
U.S. oil production fell sharply in 2020, but the Energy Information Administration is expecting it to pick back up and even set new records in just two years, it said Continue Reading
Big Oil isn’t so big anymore. Exxon Mobil , BP and other large oil companies collectively lost tens of billions of dollars last year, posting their worst performance in years Continue Reading
The big international oil companies are reporting one of their worst annual performances in decades and signaling that the pandemic could continue to challenge their businesses in 2021. Exxon Mobil Corp. XOM 1.58% and BP BP -6.57% PLC on Continue Reading
Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. Exxon Mobil Corp. reported the largest losses in Continue Reading
BP Plc offered more evidence that Big Oil has barely begun to heal the wounds from last year’s historic slump. The Western world’s largest energy producers were supposed to be sailing Continue Reading
For years, environmental advocates have argued petroleum producers pay too little for the privilege of drilling on federally controlled lands — under rates originally set in the 1920s. Now President Continue Reading
