Oil Production

OPEC-Plus Vows to Boost Crude Production, Offering Potential Respite for Soaring Prices

OPEC-Plus Vows to Boost Crude Production, Offering Potential Respite for Soaring Prices

The oil-rich consortium of countries known as OPEC-plus on Thursday affirmed its intentions, first signaled earlier in June, to ramp up production in July and August. It is targeting output growth of 648,000 b/d both months.  If the cartel could meet its goals, the group’s average crude generation would climb to nearly 44 million b/d…

June 30, 2022
Goldman Forecasting $140 Oil for 3Q as Global Supply Pressures Persist

Goldman Forecasting $140 Oil for 3Q as Global Supply Pressures Persist

International benchmark Brent crude prices will average $140/bbl between July and September and hang near that level through the first half of next year, analysts at Goldman Sachs Group forecasted. That marks a substantial jump from their earlier call for global prices to average $125 in the third quarter. Prices may need to climb even…

June 8, 2022
U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway

U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway

American oil producers held the line on output last week, while demand climbed and global supply worries intensified. The U.S. Energy Information Administration (EIA) said Thursday output was flat at 11.9 million b/d for the week ended June 3. It marked the fourth straight week in which production was held at that level. While that…

June 8, 2022
With Oil Production Flat, U.S. Inventories Drop; OPEC-Plus to Ramp Up Output

With Oil Production Flat, U.S. Inventories Drop; OPEC-Plus to Ramp Up Output

U.S. crude production held even for a third consecutive week as global supply concerns intensified amid sanctions against Russia’s energy complex, the U.S. Energy Information Administration (EIA) said Thursday. EIA said oil inventories for the week ended May 27, excluding those in the Strategic Petroleum Reserve, dropped by 5.1 million bbl from the previous week.…

June 2, 2022
Permian Oil Output Seen Swelling as World Shuns Russian Supply

Permian Oil Output Seen Swelling as World Shuns Russian Supply

Permian Basin oil production is expected to grow by about 900,000 b/d in 2022 and by the same amount in 2023, according to new analysis by Rystad Energy. The Oslo-based consultancy sees production from the onshore play swelling from 4.7 million b/d in 2021 to 5.6 million b/d this year, and to about 6.5 million…

June 2, 2022
Centennial, Colgate’s $7B Merger to Create Permian Powerhouse

Centennial, Colgate’s $7B Merger to Create Permian Powerhouse

Centennial Resource Development Inc. and Colgate Energy Partners III LLC agreed to a roughly $7 billion merger of equals that would create what may be the largest pure-play exploration and production (E&P) company in the Permian Basin’s Delaware sub-basin. Publicly traded Centennial and privately held Colgate together hold roughly 180,000 net leasehold acres, 40,000 net…

May 19, 2022
OPEC-Plus Keeps Production Steady Even as EU Oil Ban Looms

OPEC-Plus Keeps Production Steady Even as EU Oil Ban Looms

OPEC and an allied group of oil-producing countries on Thursday agreed to extend a measured pace of production increases through June. The cartel said in a brief statement that a modest bump next month would support a balanced global market by the end of June. Specifically, OPEC-plus said it would target a 432,000 b/d increase…

May 5, 2022
‘Too Many Constraints’ to Rapidly Boost Lower 48 Oil, Natural Gas Production, Experts Say

‘Too Many Constraints’ to Rapidly Boost Lower 48 Oil, Natural Gas Production, Experts Say

Lower 48 oil and natural gas production is on the rise, particularly in the Permian Basin, but shortages of labor, materials and equipment will prevent a rapid supply response to current market tightness, according to experts. The Biden administration has called on U.S. producers to ramp up supply in order to lower gasoline prices and…

April 18, 2022
U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

U.S. Oil Production Holds at 2022 High; IEA Says Covid Cuts Global Demand Outlook

Demand for petroleum products dropped last week amid lofty prices while U.S. producers held output at the highest level so far in 2022, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. production for the week ended April 8 held even with the prior week at 11.8 million b/d — after hovering around 11.6 million…

April 14, 2022
Tight Oil Supply, Russian Invasion Blamed for High Pump Prices, E&P Execs Tell Congress

Tight Oil Supply, Russian Invasion Blamed for High Pump Prices, E&P Execs Tell Congress

U.S. oil and natural gas producers don’t set global commodity prices, nor are they attempting to gouge consumers, executives of the leading domestic explorers told Congress last Wednesday. Top executives of BP America Inc., Chevron Corp., Devon Energy Corp., ExxonMobil, Pioneer Natural Resources Co. and Shell USA Inc. discussed the reasons for sustained high prices…

April 11, 2022
‹ Previous 1 2 3 9