Oil Production

Domestic Oil Output Steady as Demand Flatlines Around Thanksgiving; OPEC-plus Mulls More Cuts

Domestic Oil Output Steady as Demand Flatlines Around Thanksgiving; OPEC-plus Mulls More Cuts

U.S. crude production held steady last week while demand ticked lower even amid Thanksgiving holiday travel. Oil prices pushed higher Wednesday, though gains developed prior to the government data release. Market speculation that OPEC and its allies could further slash production through this year and into 2023 propelled bulls. Brent crude prices hovered around $85/bbl…

November 30, 2022
Domestic Crude Production Dips as Biden Trumpets ‘Windfall’ Tax on Natural Gas, Oil Majors

Domestic Crude Production Dips as Biden Trumpets ‘Windfall’ Tax on Natural Gas, Oil Majors

Domestic crude production ticked lower last week along with demand, the U.S. Energy Information Administration (EIA) said Wednesday. The latest government snapshot followed President Biden’s assertion this week that energy majors are keeping a lid on output in order to maintain high oil and natural gas prices to bolster profits. Biden on Monday floated a…

November 2, 2022
U.S. Oil Production Flat as IEA Chief Warns of Tight Supplies, ‘First Truly Global Energy Crisis’

U.S. Oil Production Flat as IEA Chief Warns of Tight Supplies, ‘First Truly Global Energy Crisis’

Domestic crude production held even last week as demand dipped slightly and inventories edged up, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. exploration and production (E&P) companies kept output for the week ended Oct. 21 at 12.0 million b/d, flat with the prior week and roughly in line with the level maintained through…

October 26, 2022
IEA Warns of Global Recession, Slowing Oil Demand; U.S. Consumption Drops

IEA Warns of Global Recession, Slowing Oil Demand; U.S. Consumption Drops

A plan to slash oil production in November could send prices soaring, exacerbate already entrenched inflation in the United States and Europe, and push the global economy into a recession, the International Energy Agency (IEA) said Thursday. IEA researchers pointed to a recent OPEC-plus decision to cut oil output by 2 million b/d next month.…

October 13, 2022
U.S. Politicians Urge Action to Curb OPEC Influence as Production Cuts Loom

U.S. Politicians Urge Action to Curb OPEC Influence as Production Cuts Loom

The consortium of oil-producing countries known as OPEC-plus spurred rare bipartisanship in the U.S. capital after the cartel said it would slash crude production. The group said last week its decision to cut output by 2 million b/d in November was in response to global recessionary headwinds and threats to demand. But Washington lawmakers on…

October 11, 2022
U.S. Production, Demand Flat as Global Oil Market Enters New Era of Uncertainty

U.S. Production, Demand Flat as Global Oil Market Enters New Era of Uncertainty

American crude output held even at a level well below the 2022 peak – and far from pre-pandemic highs – as demand leveled off and recessionary headwinds gathered force both in the United States and globally, the U.S. Energy Information Administration (EIA) said Wednesday. The government’s snapshot of domestic supply/demand came on the heels of…

October 5, 2022
Northern Oil to Grow Permian Delaware Reach with Alpha Energy Deal

Northern Oil to Grow Permian Delaware Reach with Alpha Energy Deal

Northern Oil and Gas Inc. (NOG) has agreed to acquire stakes in Permian Basin properties spanning about 2,800 acres in New Mexico and Texas from Alpha Energy Partners for $157.5 million. NOG reported that Mewbourne Oil Co. is the primary operator of the assets, which span about 2,800 acres in the Permian’s Delaware sub-basin in…

October 5, 2022
Expanding the U.S. Natural Gas, Oil Security Conversation – Listen Now to NGI’s Hub & Flow

Expanding the U.S. Natural Gas, Oil Security Conversation – Listen Now to NGI’s Hub & Flow

Click here to listen to the latest episode of NGI’s Hub & Flow, which discusses refracturing existing natural gas and oil wells as a means of advancing U.S. energy security and easing price volatility. In the podcast, NGI Associate Editor Matthew Veazey talks with Houston-based CEO Matt Johnson of Primary Vision about how the U.S.…

September 29, 2022
Domestic Crude Production Holds Even as Demand Eases; OPEC Sends Mixed Signals

Domestic Crude Production Holds Even as Demand Eases; OPEC Sends Mixed Signals

U.S. oil output was flat for a third consecutive week as demand fell amid increasing consternation about a looming economic recession, U.S. Energy Information Administration (EIA) data released Wednesday showed. Production for the period ended Sept. 9 was even with the previous two weeks at 12.1 million b/d, EIA said in its Weekly Petroleum Status…

September 14, 2022
U.S. Oil Production, Petroleum Demand Holding Steady

U.S. Oil Production, Petroleum Demand Holding Steady

Domestic crude production and overall petroleum demand both held essentially even last week, the U.S. Energy Information Administration (EIA) said Thursday. Production for the period ended Sept. 2 was on par with the prior week at 12.1 million b/d, EIA said in its Weekly Petroleum Status Report. That kept output within striking distance of the…

September 8, 2022
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