Texas oil and gas upstream jobs increase in February, says industry group
The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff.
Exports of crude oil by Mexico's Pemex rose 33% from January to February
The crude oil exports of the Mexican state energy company Pemex increased 33% from January to February, recovering from the drop in the previous month but still being down 25% when compared with February 2024. Pemex published data late Tuesday showing that crude exports reached 709,793 barrels a day (bpd) in February. About 60%, or 428 357 bpd of these exports went to the United States.
Sinopec's net profit for 2024 plunges 16.8% because of falling oil prices
China Petroleum & Chemical Corp, also known as Sinopec reported a 16.8% drop in net profit for 2024 on Sunday. The company cited lower crude oil prices, and the accelerated growth of the new energy vehicles (NEV) sector. This decline in net income is comparable to a drop of 9.9%, which also occurred in 2023 due to falling oil prices. Diesel sales dropped 4.8% and gasoline fell 0.7%.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China…
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China…
EIA: Alaska crude oil production will grow in 2026 for the first time since 2017.
The U.S. Energy Information Administration forecast on Wednesday that Alaska's crude oil production would increase in 2026. This is the first time since 2017. If realized, it will be the largest production since 2002. The 29 wells of the ConocoPhillips owned Nuna project are expected to produce combined 20,000 barrels per day (b/d) at its peak.
Mexico's Pemex has confirmed that it is in discussions with Slim regarding Ixachi investments.
Claudia Sheinbaum, president of the Mexican Energy Company Pemex, said that Pemex was in discussions with Carlos Slim's companies about an investment into Ixachi, Mexico's largest natural gas field. Last week, it was revealed that officials from Pemex's and Slim’s companies were considering an alleged mixed contract for…
Trump's Energy dominance aims to attract more global companies to the US
Executives said that the market upheaval caused by U.S. president Donald Trump's protectionist policies on trade has not dampened interest from foreign investors in the U.S. Energy Industry. They praised his promise to reduce regulations and support fossil energies. Trump made energy dominance the cornerstone of his administration.
EIA predicts that US crude and gas production will reach record levels in 2025
The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook report (STEO), released on Tuesday, said that the U.S. production of crude oil, natural gas, and electricity will all reach record levels in 2025. The agency expects that crude oil production will average 13,61 million barrels a day (bpd), in 2025, and 13,76 million bpd by 2026.
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak.
Source: Kazakhstan increased oil production to a record of 2,12 million bpd during February.
A source said that Kazakhstan increased crude oil and condensate output in February by 13% compared to January, reaching a record of 2,12 million barrels a day. This was again a higher production than its quota for the OPEC+ oil producing group. According to a source familiar with official statistics and calculations that take into account Kazakhstan’s tons per barrel ratio of 7…
EIA reports that US oil and natural gas production reached a record high in December.
The U.S. Energy Information Administration reported on Friday that U.S. crude and natural gas production set records in December and oil demand reached multi-month highs. The EIA reported that crude oil production reached 13,491 million barrels a day (bpd), up from 13,314 million in November, and surpassing the previous all-time record of 13.436 in October.
As alternatives gain market share, palm oil prices will be pressured by a slowing demand.
Prices are expected to fall as palm oil production recovers and imports drop due to price-sensitive consumers. This will reduce the advantage of tropical oil over its rivals even though top producer Indonesia increases biodiesel production. Benchmark palm futures have lost market share due to the shift of top importers such as India to cheaper alternatives like soybean and sunflower oil.
Officials from the palm oil industry say that rising biodiesel mandate will dent Indonesian palm oil exports in 2025.
A senior industry official stated on Wednesday that Indonesian palm oil exports in 2025 are likely to fall 7.3% from the previous year to 27,35 million metric tonnes despite increased production. The world's largest producer of edible oil is increasing biodiesel production. Fadhil Hazan, the head of the Trade and Promotion…
The IEA reports that Russia's oil exports increased to $15.8 Billion in January.
The International Energy Agency reported on Thursday that Russia's commercial revenue from crude oil and oil product sales in January increased by $900 millions from December, to $15.8 Billion, due to the higher oil prices, and stable export volume, despite sanctions. Early January, the United States announced their most…
OPEC+ rolls over oil policy, ditches US government data
OPEC+ decided to continue its policy of increasing oil production gradually from April and removed U.S. Energy Information Administration as a source to monitor their production and adherence with supply pacts. OPEC+ & Donald Trump clashed frequently during Donald Trump's first administration from 2016 to 2020 when the U.S.
Sources say that OPEC+ is unlikely to alter its output policy at the Monday meeting of the panel.
OPEC+ will not change its plans to gradually increase production when it meets Monday, delegates told the producer group. This is despite President Donald Trump's request to OPEC and Saudi Arabia, which is de facto leader, to lower prices. The top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies…
Mexico's crude and condensate production in December drops by 12% compared to the previous year
The Mexican state-owned oil company Pemex announced on Tuesday that its liquid hydrocarbons production in December fell 12% compared to a year ago, its lowest level of the year. It also missed its government target for the third consecutive month. In December, crude and condensate output averaged 1,62 million barrels per days (bpd), down from its previous record high of 1.65 million bpd.
Kazakhstan's daily crude oil production at a record high amid Chevron led expansion
Official data show that oil production in Kazakhstan hit a record of 278 499 metric tonnes on Sunday, just a few days after the country began expanding its largest oilfield - Tengiz led by Chevron. Kazakhstan, which depends on Tengiz, and two other large fields, Karachaganak, and Kashagan for the majority of its production, is subjected to output targets because it's a member of OPEC+.
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.
