US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024. The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S.
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.
China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil…
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.
Sources say that OPEC+ is likely to go ahead with its planned increase in oil production for May.
Three sources said that OPEC+ would likely stick with its plan to increase oil production for a second month in a row in May. This is despite the steady price of oil and plans to make some members reduce their pumping to compensate past overproduction. OPEC+, a group consisting of…
Russian central bank expects low oil prices to continue for a while
The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S.
Iraq plans to increase oil production above 6 million barrels per day by 2029
Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at…
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.
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…
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…
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…
Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors
The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's…
Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference.
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference.
Azerbaijan’s oil production in January and February is down 6.3% on an annual basis
Parviz Shahbazov, the Energy Minister of Azerbaijan, said that the oil production in the first two months fell 6.3% compared to the previous year. According to the Minister, oil exports between January and February dropped from 3.9 millions tonnes to 3.7 in 2024. Azerbaijan’s oil production is on a downward trend since its peak in 2010.
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S.
Kazakhstan will quickly adjust to OPEC+ quota
The Energy Ministry announced on Wednesday that Kazakhstan would quickly adjust its output to bring it back into line with the OPEC+ quota, after exceeding its limit in February. OPEC had said that Kazakhstan contributed the most to a significant increase in crude production by OPEC+ for February.
Venezuela's opposition drafts an energy reform in order to increase foreign pressure on Maduro
According to sources, and according to a summary seen by the. Opposition leaders see the re-election Donald Trump as a chance to increase pressure on President Nicolas Maduro. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron in Venezuela, citing the lack of electoral reforms by President Nicolas Maduro.
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7.
