Steel Shortage Adds To U.S. Shale Drillers’ Woes
War in Ukraine affects steel goods exports from both Ukraine and Russia. Shortage of steel tubing for wells has become the latest production constraint for U.S. shale. For U.S. oil Continue Reading
Russian Oil Production Has Already Begun To Decline
Crude oil and condensate production in Russia fell slightly in March compared to February, Reuters reported on Friday, citing sources with knowledge of the data. In March, Russia pumped 11.01 Continue Reading
Biden Embraces Oil as Ukraine War Overwhelms His Climate Agenda
President Joe Biden plans to release a million barrels of oil a day from U.S. reserves for six months. President Joe Biden delivered his strongest endorsement of oil on Thursday, Continue Reading
U.S. Crude Oil Production Rises For First Time In 10 Weeks
U.S. crude oil production has risen—albeit modestly—for the first time in ten weeks, the latest EIA data shows. Weekly U.S. field production of crude oil rose to 11.7 million barrels Continue Reading
USA Government Comments on Gulf of Mexico Lease Program
The U.S. Department of the Interior sent a statement after Rigzone asked if its five-year program for leasing in the Gulf of Mexico would lapse. The U.S. Department of the Continue Reading
Oil Slumps as U.S. Mulls Bigger Reserve Release to Cool Prices
The Biden administration is mulling a plan to release roughly a million barrels of oil a day from U.S. reserves for several months to combat inflation. Oil tumbled on signs Continue Reading
Analysis: U.S. and allies may find tapping stockpiles inadequate to plug Russian oil gap
Top oil consuming nations may find that one of their main tools to fight high global oil prices – the release of strategic stockpiles – will prove inadequate to soothe Continue Reading
World’s top banks pumped $742 bln into fossil fuels in 2021
The world’s top banks provided $742 billion in finance to the fossil fuel industry in 2021, little changed on the prior year, a report on Wednesday showed, despite growing calls Continue Reading
U.S. crude stocks fall, but demand also drops as prices rise -EIA
U.S. commercial crude stocks and the country’s strategic reserves both fell in the most recent week as refiners ramped up output amid global supply tightness, the Energy Information Administration said Continue Reading
A Crisis Could be Brewing in the Gulf of Mexico
The next five-year offshore leasing program must be in place by July 1 – but it’s well behind schedule. Jeopardized American energy security and a cost of thousands of U.S. Continue Reading