EIA Oil & Gas 360 Publishers Note: With the uncertainty of OPEC and OPEC + to control inventories, it would make sense for a national security to create the North American Oil Produces Consortium (NOPC) with Canada, US and Mexico. We would be able to get most different blends of oil and energy, and not rely on world leaders out
EIA Oil & Gas 360 Publishers Note: We have been covering the floating storage issues on our Daily Energy Market News Desk, and the subsequent impact on world crude pricing. In March and April 2020, reduced demand for crude oil and petroleum products in response to COVID-19 mitigation efforts led to a sharp increase in global crude oil inventories. As onshore
EIA Disruptions to crude oil and condensate production from members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have risen considerably since last year. These outages have contributed to reduced liquid fuel supply and, along with crude oil production declines agreed to among OPEC and partner countries (OPEC+), have contributed to global liquid fuels inventory draws since June.
EIA In the first half of 2020, the United States exported 5.4 million barrels per day (b/d) of petroleum products, a slight increase of 48,000 b/d (1%) from the first half of 2019. Greater exports of propane and other hydrocarbon gas liquids (HGLs) more than offset declines in U.S. exports of transportation fuels such as gasoline, distillate fuel oil, and
EIA Fossil fuels, or energy sources formed in the Earth’s crust from decayed organic material, including petroleum, natural gas, and coal, continue to account for the largest share of energy production and consumption in the United States. In 2019, 80% of domestic energy production was from fossil fuels, and 80% of domestic energy consumption originated from fossil fuels. The U.S.
EIA Oil & Gas 360 Publishers Note: Great report from the EIA – However I have one question – How will all of the people leaving the major population centers change this report? According to the latest data estimates in the U.S. Energy Information Administration’s (EIA) State Energy Data System (SEDS), people in geographically large states with small populations, such as Alaska,
EIA According to publicly filed financial statements, 40 U.S. oil producers collectively wrote down $48 billion worth of assets in the first quarter of 2020, the largest quarterly adjustment since at least 2015. Low crude oil prices contributed to significant declines in revenue and the value of these companies’ proved reserves. Write-downs reflect negative adjustments in asset values, for example, when a producer acknowledges the
EIA Consumption of U.S. liquid fuels fell in March and April 2020 as a result of reduced travel related to COVID-19 and its mitigation measures. The U.S. Energy Information Administration’s (EIA) July Short-Term Energy Outlook (STEO) forecasts that U.S. consumption of total petroleum and other liquid fuels will continue increasing in the second half of 2020 as economic activity increases, but levels
EIA According to the financial reports analyzed by the U.S. Energy Information Administration (EIA), global expenditures related to oil and natural gas exploration and development (E&D) increased $42 billion (13%) for 102 publicly traded oil companies in 2019, totaling $361 billion. As a result of significant crude oil price declines in 2020, however, global proved reserves will likely be revised downward, and
EIA Oil & Gas 360 Publishers Note: Very interesting data provided by the EIA. If the U.S. energy production exceeded consumption in 2019 with no Covid 19 Virus, what in the world is going to happen this year? In 2019, for the first time since 1957, energy production exceeded energy consumption in the United States on an annual basis, according
EIA China’s annual crude oil imports in 2019 increased to an average of 10.1 million barrels per day (b/d), an increase of 0.9 million b/d from the 2018 average. China remains the world’s top crude oil importer, surpassing the United States in 2017. China’s new refinery capacity and strategic inventory stockpiling, combined with flat domestic oil production, were the major factors contributing
EIA Markets for oil, as well as other commodities and equities, have experienced significant volatility and price declines since the final week in February amid concerns over the economic effects of the 2019 novel coronavirus disease (COVID-19). More recently, markets fell after the Organization of the Petroleum Exporting Countries (OPEC) and partners failed to reach an agreement to continue crude
