Oil Production

Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

Lower 48 Oil, Natural Gas Production to Rise in November as DUC Drawdown Continues

U.S. onshore oil and natural gas production is set to rise from October to November, propelled by supply growth in the Permian Basin and Haynesville Shale, according to updated projections Monday from the U.S. Energy Information Administration (EIA). Natural gas production from seven key U.S. producing regions — the Anadarko, Appalachia and Permian basins, along…

October 18, 2021
U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

U.S. Crude Inventories Mount as Prices Surge and Petroleum Demand Tapers

Domestic oil stocks increased for a third consecutive week as demand for petroleum products, including gasoline and jet fuel, declined in tandem with soaring prices.   The U.S. Energy Information Administration (EIA) said Thursday oil inventories for the week ended Oct. 8, excluding those in the Strategic Petroleum Reserve, increased by 6.1 million bbl from the…

October 14, 2021
Oil, Gas to Continue Growing to Meet Rising Global Energy Demand Through 2050, Says EIA

Oil, Gas to Continue Growing to Meet Rising Global Energy Demand Through 2050, Says EIA

Under current policies, oil and natural gas production will continue growing through 2050 amid rising global energy consumption driven by developing Asian economies, according to the latest long-term projections from the U.S. Energy Information Administration (EIA). In its International Energy Outlook 2021(IEO2021) report published Wednesday, the agency predicted a nearly 50% increase in global energy…

October 6, 2021
OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

Citing rising global energy needs, the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday affirmed a plan to increase crude production through November. The cartel stopped short of further boosting output levels, however, a decision that fueled supply concerns and sent oil futures to seven-year highs. OPEC, led by Saudi Arabia,…

October 4, 2021
Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’

Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’

U.S. exploration and production (E&P) companies are completing wells at record rates, outpacing new wells by nearly 250 a month, according to Raymond James & Associates Inc. Analyst John Freeman in a note to clients Monday said the domestic count of drilled but uncompleted wells, aka DUCs, has dropped by nearly 3,300 from nearly 9,000…

September 27, 2021
North Dakota Oil, Natural Gas Production Slips Again in July

North Dakota Oil, Natural Gas Production Slips Again in July

Oil and natural gas production in North Dakota, home to the Bakken Shale, declined slightly in July from June, even as the rig count inched higher. Department of Mineral Resources (DMR) director Lynn Helms issued the monthly Director’s Cut on Friday, which provides information about all of the wells capable of producing, as well as…

September 17, 2021
Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling

Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling

Increased activity in the Permian Basin and Eagle Ford Shale helped push the U.S. rig count nine units higher to 512 during the week ended Friday (Sept. 17), according to the latest data from Baker Hughes Co. (BKR). A 10-rig increase in oil-directed drilling offset a one-rig decline in natural gas-directed rigs in the United…

September 17, 2021
Mexico’s Private Oil, Natural Gas Industry Touts Multibillion Dollar Investments as AMLO Maintains Nationalist Stance

Mexico’s Private Oil, Natural Gas Industry Touts Multibillion Dollar Investments as AMLO Maintains Nationalist Stance

Mexico’s private oil and natural gas industry has invested $18 billion in the country since 2015 and secured approvals to invest another $42 billion as a result of the country’s 2013-2014 constitutional energy reform. That’s according to the Asociación Mexicana de Empresas de Hidrocarburos (Amexhi), Mexico’s private sector oil and gas trade organization. The group…

September 15, 2021
Ida Cripples U.S. Petroleum Production and Curbs Demand, EIA Confirms

Ida Cripples U.S. Petroleum Production and Curbs Demand, EIA Confirms

After Hurricane Ida crashed ashore in Louisiana late last month, it left in its wake massive oil production cuts as companies struggled to restart offshore platforms amid damage, flooding and power outages, the latest U.S. Energy Information Administration (EIA) inventory report showed. Production for the week ended Sept. 3 dropped to 10.0 million b/d from…

September 9, 2021
U.S. Petroleum Demand Reaches 2021 High; OPEC-Plus Sticks with Production Increases

U.S. Petroleum Demand Reaches 2021 High; OPEC-Plus Sticks with Production Increases

Demand for U.S. petroleum products climbed while production only inched ahead last week, the Energy Information Administration (EIA) said. The result: A large drop in domestic oil inventories that left stocks well below historic averages. To be sure, fallout from Hurricane Ida and ongoing impacts of the coronavirus Delta variant add wrinkles for the weeks…

September 1, 2021
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