Oil Production Archives - Page 7 of 14

Alberta crude oil production falls to seven-year low amidst oil-sands mines maintenance

August 1, 2023

World Oil (Bloomberg) – Crude production in Canada’s energy heartland fell to the lowest in seven years in June amid maintenance at oil-sands mines and as Suncor Energy Inc.’s output was partially excluded, according to Alberta Energy Regulator data. Alberta’s total oil output dropped 21% to 2.71 MMbpd, the lowest since June 2016, when oil-sands producers were recovering from wildfires

Permian oil production hasn’t peaked yet

April 13, 2023

Oil Price The Permian basin has not yet seen peak oil production, according to Occidental’s chief executive Vicki Hollub. The executive believes that growth in the play’s production rates will even offset declines in other shale basins across the United States. According to the Energy Information Administration, the Permian will produce 5.622 million bpd of crude oil this month, up from 5.596

Oil production from Argentina shale to create surplus in energy trade

March 8, 2023

World Oil (Bloomberg) – Booming oil production out of shale patch Vaca Muerta will create surpluses in energy trade for Argentina to the tune of $8 billion within a few years, Energy Undersecretary Flavia Royon said in an interview. Drilling is picking up fast in Vaca Muerta after a series of false dawns over the past decade with top developer,

COPL reports first oil production at Cole Creek Unit in Wyoming

January 23, 2023

World Oil (WO) — Canadian Overseas Petroleum Limited (COPL) and its partners announced first oil production from the Frontier 1 sands at its Cole Creek Unit. The company began recompletion operations on the well 11-27-35n-77w at the end of Dec. 2022 to evaluate the light oil potential of the reservoir sands. Frontier 1’s first oil production The lowest of

Oil production picking up in second-largest U.S. shale field

January 18, 2023

BOE Report Oil production in South Texas, home of the second largest U.S. shale field, is expected to rise as much as 4% this year, as higher prices spur more drilling and as U.S. crude exports set new records. Output in the Eagle Ford shale field tanked in 2020, but has returned to growth with an average increase per month

U.S. oil production growth’s path is clear

January 16, 2023

Oil Price How much will U.S. oil production grow this year—this is the question on a lot of minds, both in the United States itself, and across the world. After proving it could become a game-changer for the global oil market a decade ago, the U.S. shale patch is once again the focus of attention but this time because

Oil production plateaus in the Permian push producers to Midland

December 12, 2022

World Oil (Bloomberg) — With over two-thirds of the Permian’s premium land now drilled, producers are seeking more permits than ever to burrow beneath Midland and its 130,000 residents, according to BMO Capital Markets. Analysts say the Permian could reach a production plateau within five years. Producers in the Permian’s two main zones are pumping less oil per foot

Putin says Russia could cut oil production over West’s ‘stupid’ price cap

December 9, 2022

Yahoo Finance MOSCOW – Russia, the world’s biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West’s “stupid” price cap on Russian oil, President Vladimir Putin said on Friday. The Group of Seven major powers, the European Union and Australia last week agreed a $60 per barrel price

OPEC raised oil production in September but remained below target

October 12, 2022

Oil Price OPEC raised its crude oil production by 146,000 barrels per day (bpd) in September compared to August, but the ten OPEC members in the OPEC+ pact still had their total output well below the target level under the agreement. OPEC’s oil production rose to 29.767 million bpd last month, according to secondary sources in the cartel’s closely

OPEC+ agrees deep cuts to oil production despite U.S. pressure

October 5, 2022

Investing VIENNA/LONDON – OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months

Libyan oil production hits 1 million barrels a day

July 25, 2022

World Oil (Bloomberg) — Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April. The OPEC member, home to Africa’s largest crude reserves, ramped up its production to a “little over” a million barrels a day, Oil Minister Mohamed Oun said. The

U.S. believes OPEC has capacity to increase oil production

July 12, 2022

World Oil (Bloomberg) — The White House believes the Organization of Petroleum Exporting Countries has room to raise oil production, should an upcoming visit by President Joe Biden to the Middle East yield any agreements. “We do believe there is a capacity for further steps that could be taken,” National Security Advisor Jake Sullivan said in a press conference on

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