The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments Continue Reading
Oil supermajors continue to hold back on investment as mid-year guidance remains mostly firm. Oil supermajors continue to hold back on investment as mid-year guidance remains mostly firm, a new Continue Reading
A conservative model of future World Crude plus Condensate (C+C) output is presented below with an average decline rate of 2.8% from 2040 to 2110. From 1933 to 1972 World Continue Reading
The U.S. Energy Information Agency (EIA), has forecasted in their most recent edition of the Short Term Energy Outlook-STEO, a rise in U.S. production of about 800K BOEPD by the Continue Reading
It looks like the offshore oil and gas drilling market is in the early innings of an upcycle in investment and activity. Both Schlumberger and Transocean believe that the upcoming Continue Reading
With a European ban on Russian crude and fuels looming, diesel markets are set to tighten even further despite weak economic growth. Distillate fuel inventories in the U.S. just witnessed Continue Reading
The number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
An Overview At this point in time, probably all American adults are aware that the price of oil, or at least gasoline and diesel fuel, are much higher than they Continue Reading
U.S. distillate fuel oil inventories are depleting to critically low levels; either an imminent recession reduces consumption or prices are likely to surge higher. Distillate fuel oil is the lifeblood Continue Reading
U.S. oil and gas dealmaking contracted 65% Y/Y to $12 billion last quarter. Big Oil executives have become increasingly hesitant to pull the trigger after the last M&A wave turned Continue Reading
Crude oil prices fell today after the Energy Information Administration reported a build in crude oil inventories of 4.5 million barrels for the week to July 29. This compared with Continue Reading
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply Continue Reading
Despite expectations of an economic slowdown, diesel demand appears to be rising unabated. For some countries around the world, diesel shortages are already a reality, and European countries are racing Continue Reading
Top U.S. shale oil producers say they remain laser focused on shareholder returns, limiting production expenditures largely to offset higher costs for equipment, supplies and services. The decision likely will Continue Reading
The U.S. shale patch has been disappointing shareholders for over a decade now, struggling to return profits to investors. This year, all of that is going to change as the Continue Reading
The United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars’ in Iranian oil and petrochemical products to East Continue Reading
The U.S.emergency crude oil stockpile fell by 4.6 million barrels last week its lowest level since May 1985, according to the Department of Energy on Monday. Crude held in the Continue Reading
Manchin Pitches Sinema on Democrats’ Tax-Climate Bill The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost billions in Continue Reading
US shale drillers are expected to post record second-quarter profits in coming days, reversing nearly a decade of debt-fueled losses. The top 28 publicly traded US independent oil producers generated Continue Reading
America’s oil inventories are hovering around multi-year lows despite releases from the SPR. Distillate fuel oil inventories, which are most closely related to the economic cycle, are at the lowest Continue Reading
Shale explorers are searching for oil at rates not seen since the early weeks of the pandemic as high crude prices incentivize drilling. Oil rigs operating in US fields increased Continue Reading
In a first for Chinese offshore shale, state-run oil giant CNOOC has announced what it claims to be a commercial discovery in the Beibu Gulf in the South China Sea Continue Reading
Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to July 22. This compared with a Continue Reading
Oil companies are reaping the benefits of high energy prices. Indebted American oil and gas companies, armed with improved balance sheets, are finally drilling again. Oilfield services companies are among Continue Reading
The American Petroleum Institute (API) reported a large draw this week for crude oil of 4.037 million barrels, while analysts predicted a draw of 1.121 million barrels. The build comes Continue Reading
The Biden administration on Tuesday said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previous plan to tap the Continue Reading
What do you think is going to happen when we get to a point where the world simply cannot produce any more oil than it is already producing? It is Continue Reading
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
In the coming years, upstream capex in Latin America will shift into deeper and deeper water with Brazil, Guyana, and Mexico likely to lead the charge for new spending. In Continue Reading
After years of divestment, oilfield equipment supply is running especially low. Halliburton’s CEO Jeff Miller is warning that oilfield equipment market is so tight that oil explorers are already discussing Continue Reading
In the second quarter of 2022, the Permian Basin attracted nearly half of all oil and gas investments in the U.S. as the importance of energy security grows. This investment Continue Reading
The Department of the Interior has announced steps to bring the opportunity of offshore wind energy to the Gulf of Mexico. In response to President Biden’s call to advance offshore Continue Reading
The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million barrels, while analysts predicted a build of 333,000 barrels. The build comes as the Continue Reading
A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File Photo NEW YORK, July 18 Continue Reading
The number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
Europe may be facing energy rationing this winter, Shell CEO Ben van Beurden said July 14 at Aurora Energy’s spring forum in Oxford. Russian gas supply curtailments have left much Continue Reading
U.S. crude oil and fuel stockpiles rose last week, bolstered by another big release from strategic reserves, while demand slackened, the Energy Information Administration said on Wednesday. Crude inventories (USOILC=ECI) Continue Reading
– U.S. crude production and petroleum demand will both rise in 2022 as the economy grows, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) Continue Reading
The July Short-Term Energy Outlook (STEO) is subject to heightened uncertainty resulting from a variety of factors, including Russia’s full-scale invasion of Ukraine. The possibility of economic activity being less robust than Continue Reading
The American Petroleum Institute (API) reported a large build this week for crude oil of 4.762 million barrels, while analysts predicted a draw of 1.933 million barrels. The build comes Continue Reading
U.S. crude and gasoline inventories were seen down last week, while distillate stockpiles likely rose, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated on average Continue Reading
Global distillate consumption has begun to decelerate in response to high prices and slowing manufacturing and freight activity, which should take some heat out of oil prices in the next Continue Reading
Rigzone’s regular energy prognosticators take a look at the effect of recessionary concerns on the market, holiday travel, extreme weather and more. (The views and opinions expressed in this article Continue Reading
All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. U.S. April production decreased by 60 kb/d to Continue Reading
U.S. crude oil production slid in April by about 0.5% to its lowest since February, according to a monthly report from the U.S. Energy Information Administration on Friday. Oil production Continue Reading
Scott Lindberg’s dream of becoming a petroleum engineer was fueled by childhood drives through Texas oil country with his energy-consultant father, passing pumpjacks and pipeline hubs that kept the world’s Continue Reading
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
The United States is exporting millions of barrels of oil from its emergency oil reserves to Europe and Asia. “The SPR remains a critical energy security tool to address global Continue Reading
Political uncertainty is clouding prospects for new drilling in the Gulf of Mexico, but Shell SHEL 1.96%▲ PLC—the Gulf’s biggest producer—is still investing billions of dollars in its waters to pump oil for years Continue Reading
Commercial crude stocks climb 8.23 million barrels Refinery demand drops 230,000 b/d Gasoline stocks draw ahead of July 4 holiday US crude oil inventories realized a counter-seasonal build during the Continue Reading
