Reuters SINGAPORE/LONDON – Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of
Reuters HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said. The largest U.S. oil and gas producer this month told workers in Texas and New Jersey to accept contract offers because they would
Houston Chronicle Crude oil production and exports soared during the last week of February while U.S. inventories grew slightly, a new report from the Department of Energy showed. During the last week of February, the United States produced a record 13.1 million barrels of crude oil per day and exported nearly 4.2 million barrels of that production, a Wednesday morning
Houston Chronicle The health of the Texas energy sector declined for 10-straight months to close out 2019, even as oil and gas production steadily rose throughout the year, according to a new report from the Texas Alliance of Energy Producers. An index measuring the strength of the Texas oil industry fell by almost 10 percent last year, showing a steady
EIA EIA’s U.S. crude oil production forecast is based on the West Texas Intermediate (WTI) price forecast in the January 2020 STEO, which rises from an average of $57 per barrel (b) in 2019 to an average of $59/b in 2020 and $62/b in 2021 In the January 2020 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that
EIA forecasts 11.8 MMBOPD for total U.S. oil production in 2019 A new IHS Markit outlook released today expects the Permian Basin’s crude oil production to more than double its 2017 record of 2.5 MMb/d to 5.4 MMb/d by 2023. This level of production would elevate the U.S. to a power exporter status that rivals Saudi Arabia, with total U.S.
Chart: SAFE, EIA Regardless of who is living in the White House, global demand and supply cause price movements and drive production of crude oil. SAFE has added the presidential terms to the bars of crude oil production since the end of Dwight Eisenhower’s term. The U.S. presidential election is Tuesday, Nov. 8. Don’t forget to vote. The website Diffen.com presents a comparison
China’s crude oil imports at a four-month high as the country halts high-cost production Crude oil production from the world’s largest energy consumer hit a six-year low in August, according to information released by the National Bureau of Statistics Tuesday. Production in China fell 9.9% from a year ago to about 3.9 MMBOPD, the lowest since December 2009, according to
U.S. output down 460 MBOPD since May, making Saudi Arabia the largest global oil producer for now As lower oil prices put pressure on U.S. shale expansion, Saudi Arabia has reclaimed the top spot as the world’s largest producer of crude oil, according to the International Energy Agency’s (IEA) monthly report. “Saudi Arabia’s elevated oil production has allowed it to
Even as overall production declines, new-well production is up With just two exceptions, every major play tracked in the Energy Information Administration’s (EIA) Drilling Productivity Report (DPR) for August is showing lower month-over-month production, but the EIA anticipates greater production per new-well in every play except oil wells in the Haynesville, where the EIA expects no change. According to the EIA,
