(Investing) – Oil prices fell Monday, handing back earlier gains as the ongoing conflict between Israel and Iran has so far left oil production and export facilities unaffected, diluting concerns of supply disruptions in the Middle East. At 08:30 ET (12:30 GMT), Brent oil futures for August fell 1.3% to $73.32 a barrel, and West Texas Intermediate crude futures dropped 1.2% to $70.46 a barrel. Both
(World Oil) – U.S. Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency. Much will depend on oil prices and whether producers will follow through on pledges to reduce investment, Wright said in an interview on Bloomberg Television. The Energy Information Administration revised
(World Oil) – Chevron Corp. plans to lay off nearly 800 employees in the Permian basin, its biggest oil-production operation globally. The bulk of the reductions will come from Chevron’s Midcontinent campus on the outskirts of Midland, Texas, the company said in a filing with the Texas Workforce Commission. The filing listed the layoff date as July 15, 2025. “Chevron is
(World Oil) – Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May, the country’s Energy Ministry said. Central Asia’s largest oil producer will pump a daily average of 277,000 metric tons of crude and condensate in May, the same level as in April, and compared with 260,000
(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) announced today that it started oil and natural gas production from the Ballymore subsea tieback in the deepwater Gulf of America. Ballymore, the latest in a series of Chevron projects to start up in the past year, represents another step towards the company’s goal to produce 300,000 net barrels per day of
(BOE Report) – North Dakota oil production was estimated to be down between 130,000 and 160,000 barrels per day (bpd) as of Thursday morning due to the recent extreme cold and related operational challenges, the state’s pipeline authority said. Associated wellhead natural gas production was estimated to be down 0.37-0.45 billion cubic feet per day, said Justin Kringstad, director of
(Oil Price) – Tropical storm Rafael has strengthened to hurricane intensity in recent hours and is still set to continue its path toward the U.S. Gulf of Mexico, where oil and gas producers have shut-in production at platforms and evacuated personnel to shore. The late-season hurricane could threaten about 4 million barrels per day (bpd) of oil production in the Gulf of Mexico, according
(World Oil) – Enverus Intelligence Research (EIR), a subsidiary of Enverus, a trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released a new report that quantifies the quality of remaining drilling inventory across key North American plays. North America is one of the few global jurisdictions that has meaningfully grown hydrocarbon production over the last 20
(World Oil) – OPEC+ made no changes to plans to start gradually reviving oil production towards the end of the year, despite signs of an impending surplus. A statement from 23-nation the group after an online monitoring meeting on Wednesday didn’t announce any alterations. Led by Saudi Arabia and Russia, OPEC+ plans a series of monthly increases beginning with a 180,000
(BOE Report) – Crude output by Pemex fell in August as Mexico’s national oil company failed to reduce fuel imports in line with company targets, while overall falling well short of the lofty energy trade goals of the country’s outgoing president. While locally produced petroleum product volumes rose during the month, gasoline and diesel import volumes were still much higher
BOE Report An oil production breakthrough that producers say can safely tap ultra-high pressure fields could put up to 5 billion barrels of previously inaccessible crude into production, analysts said. Chevron on Monday disclosed it had pumped first oil from a field at 20,000 pounds per square inch pressures, a third greater than any prior well. Its $5.7 billion Anchor project
Oil Price The Winterfell development in the U.S. Gulf of Mexico has started up oil production, one of the partners in the oilfield, Kosmos Energy, said on Wednesday. Winterfell, located in the Green Canyon area in the Gulf of Mexico, was discovered in 2021 at a water depth of approximately 5,400 feet (about 1,600 meters). The field has been developed via a
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