Oil Production

U.S. Crude Production Holds Strong Amid Fresh Signs of Demand Growth

U.S. Crude Production Holds Strong Amid Fresh Signs of Demand Growth

American exploration and production (E&P) companies last week continued to pump oil at a robust pace, maintaining output at the highest level of the pandemic era. E&Ps produced 12.3 million b/d for the week ended Feb. 17, even with the prior week and the high mark of 2023, data from the U.S. Energy Information Administration’s…

February 23, 2023
American Oil Producers Keep Output Elevated; IEA, OPEC Ramp Up Demand Forecasts

American Oil Producers Keep Output Elevated; IEA, OPEC Ramp Up Demand Forecasts

U.S. crude production held firm at a pandemic-era high as new forecasts called for rising global demand tied to an expected surge in Chinese travel fuel consumption. American producers generated 12.3 million b/d for the week ended Feb. 10, on par with the prior week and the high mark of the past nearly three years,…

February 15, 2023
U.S. Oil Production Reaches New Pandemic-Era High, Contributes to Natural Gas Gains

U.S. Oil Production Reaches New Pandemic-Era High, Contributes to Natural Gas Gains

Domestic crude production climbed to the highest level since 2020 as demand for petroleum products pushed ahead last week, the U.S. Energy Information Administration (EIA) said Wednesday. American producers generated 12.3 million b/d for the week ended Feb. 3, up by 100,000 b/d from the prior week, data from EIA’s latest Weekly Petroleum Status Report…

February 8, 2023
Los Angeles County Banning New Oil, Gas Wells

Los Angeles County Banning New Oil, Gas Wells

After the city moved last month to ban new oil and natural gas drilling within its borders, the Los Angeles County board has followed suit, banning new drilling activity beginning this month.  County officials unanimously voted to adopt an ordinance amending the zoning law, banning any new oil and gas wells or production facilities in…

February 1, 2023
U.S. Crude Production Climbs – but Petroleum Demand Drops 20%

U.S. Crude Production Climbs – but Petroleum Demand Drops 20%

Domestic oil production bounced back to near pandemic-era highs in the final week of 2022, while demand plummeted following a run-up to the Christmas holiday. The U.S. Energy Information Administration (EIA) said Thursday output for the period ended Dec. 30 climbed 100,000 b/d week/week to 12.1 million b/d. That put production within 100,000 b/d of…

January 5, 2023
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
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