China Energy Giants in Talks for Shell’s Russian Gas Stake
China’s key state-run energy companies are in talks with Shell Plc to buy its stake in a major Russian gas export project, according to people with knowledge of the matter. Continue Reading
U.S. West Coast Imports More Gasoline Ahead Of Driving Season
The U.S. West Coast is expected to import 120,000 barrels per day of gasoline and blending components for the remainder of this month, up from 95,000 bpd in the first Continue Reading
EIA: U.S. Crude Production Doubled Since 2010 Because Of Horizontal Wells
81 percent of completed wells in the oil and gas industry were horizontal or directional in 2021. The number of completed oil and gas wells fell by 66 percent between Continue Reading
Russia’s Oil Production Has Dropped By 10% Since The Start Of The War In Ukraine
OilX data suggests that Russian production has declined by 10% since the start of the Ukraine War. IEA: Russian oil supply is expected to fall by 1.5 million bpd in Continue Reading
Russian oil exports resilient to sanctions, boycotts for now as trade routes adjust
Seaborne product exports hit most but crude flows little changed India buys more crude while China flows hold steady Diesel imports surge to the Netherlands’ oil refining/storage hub Russia’s seaborne Continue Reading
It’s Getting Increasingly Expensive To Boost U.S. Oil Production
U.S. shale producers have exercised astonishing capital discipline in recent years. Despite calls on U.S. oil firms to ramp up production, many producers are being plagued by rising costs and Continue Reading
Germany Pledges To Halt All Russian Oil Imports By End Of Year
In Germany’s most definitive statement yet regarding Russian oil and gas imports, the German Foreign Minister has pledged that the country will cease importing Russian oil entirely by the end Continue Reading
EU In Talks With Alternative Suppliers As It Considers A Russian Oil Ban
The European Commission has been considering an embargo on Russian oil. It’s not clear yet when the sixth package would be proposed by the European Commission. EU in talks with Continue Reading
U.S. Oil Production Climbs Despite Cautious Drillers
As calls for new oil supply around the world grow louder, U.S. shale production is climbing slowly as producers refuse to throw caution to the wind. Drilled but uncompleted wells, Continue Reading
Russian Crude Shipments Shrink 25% in Just One Week
Seaborne flows of Russian crude oil declined by a quarter in the seven days to April 15. Volumes heading to Asia from ports on the Black Sea, Baltic and Arctic Continue Reading
EIA: Number Of DUCs Falls To Lowest On Record
The number of Drilled but Uncompleted Wells sank to its lowest level ever recorded, according to the Energy Information’s latest Drilling Productivity Report published on Monday. The number of Drilled Continue Reading
EIA: U.S. Shale Production To See Sizeable Increase In May
U.S. Shale production in the seven most prolific shale basins is set to increase 132,000 bpd in May to 8.649 million bpd, according to the Energy Information Administration’s latest Drilling Continue Reading
Permian Drilling Permits Hit All-Time Monthly High
Horizontal drilling permits for new wells in the Permian hit an all-time high in March, with 904 total permit awards, Rystad Energy said. Horizontal drilling permits for new wells in Continue Reading
Texas Sees Oil Employment Rise In March
The Texas Independent Producers and Royalty Owners Association notes another month of positive job growth for the Texas upstream sector in 2022. Citing the latest Current Employment Statistics report from Continue Reading
U.S. to resume oil, gas drilling on public land despite Biden campaign pledge
The Biden administration on Friday said it has resumed plans for oil and gas development on federal lands, a move that could break a pledge Joe Biden made while campaigning Continue Reading
Biden Shrinks U.S. Land Open for New Oil and Gas Drilling
Photographer: Paul Ratje/AFP/Getty Images President Joe Biden’s administration is dramatically curtailing U.S. public land available for new oil and gas development as it restarts leasing with new environmental protections. The Continue Reading
U.S. Oil Rig Count Ticks Higher Amid Rebound In Oil Prices
The number of total active drilling rigs in the United States rose by 4 this week, after a sizable increase of 16 rigs in the week prior, according to new Continue Reading
U.S. oil drilling, output moving higher with energy prices
U.S. oil production forecasts are being revised upwards despite labor and supply chain constraints as higher prices spur more drilling and well completion activity, according to industry experts. Calls for Continue Reading
US oil, gas rig count remains steady at 791; Permian gains most rigs: Enverus
Permian at 337 rigs, still 90+ shy of pre-pandemic levels But most basins lost rigs or stood still on week March US shale permits at a monthly high The US Continue Reading
Feature: Low production, strong demand to buoy US summer gasoline prices
Diesel prices surpass gasoline, see nearly 62 cents/gal premium Lower USAC gasoline production, imports point to tight summer E15 waivers, SPR crude releases attempt to mitigate high prices US EIA Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The April Short-Term Energy Outlook (STEO) is subject to heightened levels of uncertainty resulting from a variety of factors, including Russia’s further invasion of Ukraine. This STEO Continue Reading
Russia oil supply drop to double in May -IEA
The full impact of sanctions and buyer aversion to Russian oil will take full effect from May onwards, the International Energy Agency said on Wednesday. Still, lower demand amid a Continue Reading
Russia’s Oil Production Slips Below 10 Million Bpd
For the first time since July 2020, Russia’s crude oil production has slipped below the 10 million bpd mark on Monday, two anonymous Reuters sources suggested. The decline in Russia’s Continue Reading
13-Year Shell Journey to First Oil Shows Why USA Output Is Flat
Offshore projects cost billions and rarely come online in less than a decade. Questioned by U.S. lawmakers this week, chief executives from the nation’s biggest oil companies took great pains Continue Reading
Russian Oil Continues To Flow To India And China
China and India are emerging as Russia’s main crude buyers. Russia’s ESPO blend is especially popular among Asian refiners. Russia’s Urals crude is trading at discounts of more than $30 Continue Reading
U.S. drillers add oil and gas rigs for third week in a row -Baker Hughes
U.S. energy firms last week added oil and natural gas rigs for a third week in a row as the federal government seeks more production to help its allies wean Continue Reading
Permian Takes The Lead As U.S. Drillers Add 16 Rigs
The number of total active drilling rigs in the United States rose by 16 this week. The total rig count increased to 689 this week—257 rigs higher than the rig Continue Reading
OPEC+ crude production falls as sanctions take bite out of Russia: S&P Global survey
Crude oil production by OPEC and its allies fell in March from February for the first time in more than a year, the latest S&P Global Commodity Insights survey found, Continue Reading
Global Energy Spending To Exceed $2Tn. O&G Leading The Way.
Surging prices and the EU’s goals of becoming less dependent on Russia will catapult global energy spending this year to $2.1 trillion. Surging oil, gas, and power prices together with Continue Reading
IEA countries to release 120 mil barrels, US SPR contribution 60 mil barrels: Birol
International Energy Agency member countries have agreed to release 120 million barrels of oil from storage, which includes 60 million barrels from the US, as part of its overall draw Continue Reading
Oil Supply, Demand and Prices Become Clear
Global oil supply, demand and prices have become clear, despite the fog of war. Global oil supply, demand and prices have become clear, despite the fog of war, according to Continue Reading
FUJAIRAH DATA: Oil product stocks fall to 7-week low on record light distillates slump
Highlights March gasoline imports at record low: Kpler More naphtha heading for Japan Heavy distillates stocks still climbing Oil product inventories at the Port of Fujairah in the UAE dropped Continue Reading
U.S. Rig Count Ticks Higher As Permian Drillers Lead The Charge
The number of total active drilling rigs in the United States rose by 3 this week. Permian rig count rose by 4 this week. Gas rig count rose by 1 Continue Reading
U.S. Drilling Activity Has Risen 60% In One Year
Oil companies are receiving major criticism over recent profits as gasoline prices continue to soar. The truth, however, is that the number of rigs drilling for oil in the United Continue Reading
SCOOP-STACK gas production at 2-year high as crude prices lift drilling margins
WTI Cushing trading near $100/b Rig count hits 30-month high at 45 Gas production at 25-month high Surging oil prices fueled by Russia’s ongoing war in Ukraine have boosted drilling Continue Reading
USAC refiners could replace Russian crude with Bakken to loosen tight supply
Jones Act laws restrict USGC-to-USAC flows, support rail alternatives A restart of St. Croix refinery would boost gasoline, diesel supply US Atlantic Coast refiners could boost volumes of Bakken crude Continue Reading
How Biden’s Huge Strategic Oil Release Could Backfire
President Biden’s huge SPR release announcement has pushed WTI prices back below $100. SPR release may calm crude prices only in the short term. U.S. SPR may need to be Continue Reading
Growing Risk of Leasing Program Approval Delay
There is a growing risk of a delay in the approval of the next five-year Outer Continental Shelf oil and gas leasing program, according to Fitch Solutions. There is a Continue Reading
Desperation And Austerity Hit Global Energy Markets
We are starting to see the makings of energy curtailments in Europe – an exceedingly unpopular step that governments would be unlikely to take if there were any other choice, Continue Reading
U.S. Rig Count Ticks Higher As Permian Drillers Lead The Charge
The number of total active drilling rigs in the United States rose by 3 this week. Permian rig count rose by 4 this week. Gas rig count rose by 1 Continue Reading
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