Oil Production

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…

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…

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…

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…

President Biden has banned imports of Russian oil and natural gas in a move that at once compounded already severe sanctions against the Kremlin and amplified the specter of record high energy prices amid a raging war in Ukraine. “Russian oil will no longer be acceptable at U.S. ports,” the president said in televised remarks…

U.S. producers kept output flat amid commitments to discipline and rapidly evolving geopolitical tensions that reached new heights Thursday with Russia’s invasion of Ukraine. Domestic production for the week ended Feb. 19 was flat with the two prior weeks and most of 2022 at 11.6 million b/d, the U.S. Energy Information Administration reported Thursday. While…

Devon Energy Corp. grew production in the Permian Basin in 2021 and expects to further ramp up in the prolific oil and natural gas region amid lofty crude prices this year. However, executives said they will hold the line on overall output in 2022, as uncertainty about long-term global energy needs outshine current surges in…

Bakken Shale oil producers will likely limit annual production growth to 1-2% over the next 10 years, driven largely by concerns about natural gas capture, according to North Dakota’s top oil and gas regulator. Department of Mineral Resources director Lynn Helms discussed the outlook, along with the state’s latest production and drilling statistics, with reporters…

Petroleum consumption increased in the United States last week amid rising gasoline and distillate production, the U.S. Energy Information Administration (EIA) said Wednesday. Demand hit 22.4 million b/d for the period ended Jan. 21, representing a 2.3% week/week increase. The overall gain stemmed largely from a 3.4% increase in gasoline consumption and a 4.3% jump…