Oil Production

American crude production dropped last week alongside falling demand for travel fuels derived from oil, the latest government data show. Production for the week ended Aug. 19 declined by 100,000 b/d to 12.0 million b/d, the U.S. Energy Information Administration (EIA) said Wednesday in its Weekly Petroleum Status Report. Output had reached a pandemic-era high…

Northern Oil and Gas Inc. is progressing its second possible acquisition of the year, this time in the Permian Basin, with a 1,600 net acre addition in the West Texas Midland sub-basin. Northern has started the process of acquiring nonoperated assets in Howard County, TX, from Laredo Petroleum Inc. for $110 million. The mostly oil-producing…

Oil demand shows signs of waning as the global economy slows, bringing the world crude market close to balance, OPEC officials said Thursday in a new outlook. The Saudi Arabia-led cartel cut its world oil demand outlook by 260,000 b/d from an earlier forecast to about 100 million b/d for 2022. It held its expectation…

OPEC-Plus, the consortium of global oil producers led by Saudi Arabia in partnership with Russia, agreed on Wednesday to only a modest increase in production next month. The decision suggests the cartel is focused more on the specter of declining demand amid recession warnings than on U.S. President Biden’s plea for greater output to address…

Oil output in the United States declined for a second consecutive week, dashing hopes that production would keep pace with summer demand and ease pressure on inventories and prices. After climbing to a 2022 high of 12.1 million b/d in June, U.S. output fell to 11.9 million b/d for the period ended July 15. That…

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…

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…

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…

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.…