Trump's nominee for Interior Department says that boosting energy is key to US security
Doug Burgum, Donald Trump's nominee to lead the Interior Department said on Thursday that he would vigorously pursue President-elect Trump's goals to maximize energy production from U.S. Public Lands and Waters, calling it a key to national security. Burgum's remarks to lawmakers at his nomination hearing indicate a sharp change in policy.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues.
EIA predicts that oil prices will be pressured by oversupply between 2025 and 2026
The U.S. Energy Information Administration's Short-Term Energy Outlook, released on Tuesday, said that oil prices would be pressured in 2025 and in 2026 due to the global production growth exceeding demand. Analysts expect a glut of oil this year after the demand growth in the two largest consumers, the U.S.A. and China, slowed dramatically in 2024.
Norway's gas production will be slightly lower than the record set in 2025.
The Norwegian Offshore Directorate said that the Norwegian natural gas production is expected to decline slightly this year. It rose 6.9% to a new record of 124 billion cubic meters (bcm). Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union.
EIA data show that US oil production reached a record high in October.
The U.S. Energy Information Administration reported on Tuesday that U.S. crude oil production increased by 260,000 barrels a day (bpd), month over month, to a new record of 13.46 million bpd during October. Demand surged to its highest level since the pandemic. U.S. crude oil production has increased rapidly this year despite concerns about oversupply…
Norway's oil and gas production fell in November but exceeded forecast
Norwegian Offshore Directorate said Friday that although the combined oil and natural gas production in Norway decreased from November of last year, it was still 2,6% higher than the official forecast. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields.
China's oil refinery production in November increased by 0.2% year/year
China's refinery output in November increased slightly compared to last year, ending a seven-month drop, according to official data released on Monday. The National Bureau of Statistics (NBS), according to its data, showed that refiners processed 58.51 millions metric tons of crude last month. This is equivalent to 14,24 million barrels of oil per day.
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S.
EIA reports that US oil production fell by the most in September since January.
The U.S. Energy Information Administration's (EIA) data showed that the crude oil production in the United States fell by 157,000 barrels a day (bpd), month-over-month, to 13,20 million bpd during September. This was the biggest decline since January. As Hurricane Francine, and Hurricane Helene made landfall in the Gulf of Mexico in September…
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September.
EIA increases US and global oil production estimates by a small amount
The U.S. Energy Information Administration announced on Wednesday that both U.S. oil production and global oil output are expected to reach record highs in this year, slightly higher than previous forecasts. Oil prices have fallen to their lowest level since 2021 despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies cutting production. The EIA reported that the U.S.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production, while rivals BP & Shell invested heavily in wind, solar & renewables.
Mexico's Pemex reports a larger third-quarter Loss of $8.2 billion
According to a filing at the Mexican stock exchange on Tuesday, the state-owned Mexican oil company Pemex posted a larger 161.3 billion peso (approximately $8.2 billion) net loss for the third quarter, compared with losses of approximately $4.5 billion during the same period last year. The country's largest company generated revenues of 426.1 billion pesos between July and September.
Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.
According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure of newly-elected President Claudia Sheinbaum. The document also shows that Pemex will intensify its deepwater exploration as well as develop new business models in order to attract investors.
Malaysia's natural gas and crude oil production will decline by 2025
KUALA LUMPUR - Malaysia's government announced on Friday that it expects a lower crude oil and natural gas output in 2025 as a result of planned maintenance shutdowns and a softer demand for some export markets. In a report that was released along with its budget for 2025, the government stated that natural gas production…
China's refinery output in September fell for the sixth consecutive month
China's refinery production fell 5.4% in January compared to a year ago, according to official data released on Friday. This is the sixth consecutive month of declines, despite the opening of a brand new plant, as low fuel consumption and thin refining margins slowed processing. The National Bureau of Statistics (NBS), according to its data…
EIA: US oil demand for June was the lowest since 2020
The U.S. Energy Information Administration reported on Friday that U.S. oil use in June was at its lowest levels for the season since the 2020 coronavirus pandemic. The EIA's proxy of demand, crude oil and petroleum product supply, dropped 2.7% from one month to the next, reaching 20,25 million barrels a day (bpd), in June. This is the lowest June level since 2020.
