US Nearing Energy Independence
In just a few months, the U.S. will be fully energy independent and by 2030, the country's total primary energy production will outpace primary energy demand by 30 percent.According to the Norwegian market research consultancy Rystad Energy, this milestone follows…
Oil Steady as Inventory Drop vies with Trade Concerns
Oil prices fell on Wednesday as worries over a possible delay in resolving the U.S.-China trade war which has hurt global oil demand competed with a drop in U.S. crude inventories which buoyed prices.Brent crude was up 4 cents, or 0.06%, at $61.63 a barrel by 0906 GMT. U.S.
U.S. Natural Gas Production Sets New Record
According to the U.S. Energy Information Agency (EIA), US natural gas production registered an increase by 10.0 billion cubic feet per day in 2018, noting an 11% rise in comparison to 2017.The development reported was the largest annual increase in production on record…
Oil Near Two-Year Highs as Market Tightens
OPEC to meet this month to discuss production cut pact. Oil prices rose on Friday, nearing their highest levels in more than two years, with buyers attracted by expectations of an extension to a global pact to cut output that has reduced oversupply. Global benchmark…
U.S. Heating Costs Could be Higher this Winter
Most U.S. households can expect higher heating expenditures this winter than in the previous two years, according to the government's Winter Fuels Outlook due to be released at 11 a.m. (1500 GMT) on Wednesday. The U.S. Energy Information Agency (EIA) said in a…
Growing U.S. Shale Activity Confounds OPEC
As oilfield workers for Lilis Energy Inc threaded together drill pipes one recent morning in the Permian Basin, a bulldozer cleared sagebrush to make way for the company's fifth well since January. Lilis aims to expand production sevenfold this year in America's most active oilfield.
Oil Turns Positive as Market Awaits EIA Data
Surprise rise in U.S. API crude stocks weighs on prices; investors await U.S. EIA inventory data later on Wednesday. Oil prices strengthened on Wednesday ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is…
Argentine O&G Workers to Strike Over YPF Layoffs
Some 23,000 Argentine oil and gas workers will go on a 48-hour strike beginning on Monday to protest state-owned oil company YPF SA's decision to lay off at least 1,600 workers, a union leader said on Friday. The strike involves workers in southern Argentina's Vaca Muerta shale play…
Oil Falls as Investors Fret About Oversupply
Oil prices fell on Thursday, after a report from OPEC showed that while the group anticipates a pick-up in demand next year it also suggests a market surplus will persist. In its monthly report, the producer group said its oil output fell in October and forecast…
Flow of Iraqi Oil to U.S. Reaches 3-year Peak
Oil tankers are set to deliver the biggest volume of Iraqi crude to U.S. shores in more than three years, as OPEC's second-largest producer vies for market share as pressure mounts on U.S. shale production. According to Reuters shipping data, tankers carrying nearly…
Fewer US Rigs May Not Cut Shale Oil Output -Exxon CEO
The precipitous drop in the U.S. drilling rig count over the past few months may not cause a long-term drop in shale oil output as the productivity of new wells continues to rise, Exxon Mobil Corp's chief executive said on Tuesday. CEO Rex Tillerson noted that…
US Oil Output is Falling! Or maybe not ...
The immediate outlook for U.S. oil production has rarely been more important for the financial world, with traders scrutinizing every scrap of data for signs of a sustained pull-back in output. It has also rarely been harder to predict. Until late last year, a…
Permian Basin Crude Output at 2015 High
Crude output in the Permian Basin rebounded close to record levels in the latest week as the biggest U.S. onshore oilfield extends gains after cold weather disrupted production and the number of rigs fell, data showed. Permian Basin production climbed to 1.75 million barrels per day (mbpd) in the week through Thursday…
US Wells Shuttered as Prices Better Small Producers
Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn. As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S.
Mexico says Energy Price Hikes over for 2015
Mexico's government said on Friday that its latest "gasolinazo," or gasoline price spike, will be the only increase this year. The fuel price hike in the world's 10th biggest crude producer comes as slumping international oil prices have led to dramatically shrinking…
Suez Canal: Better Service to the Shipping Industry
According to the U.S. Energy Information Agency, one of the world’s oil transit choke-points is the Suez Canal, the Panama Canal being another. However, the recently announced Suez Canal expansion plans are more likely to cater for containership transits, in strong competition with the expanding Panama Canal…
Oil Rights Offshore Petrobras Could Cost 50 % More
Brazil's Petrobras may have to pay up to 22,000 million reais ($ 10,000 million) by 2018, or 50 percent more than originally announced, for new offshore oil rights the government decided Tuesday to sell the state oil company. The analysis conducted by Reuters transaction…
North Dakota Flaring Crackdown Could Slow Production
North Dakota is cracking down on flaring, the wasteful burning of natural gas, with strict rules that may stymie development in areas far from pipelines in a state that is one of the fastest-growing U.S. oil fields. The new rules also will effectively reinforce…
