Oil Production

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to maintain their monthly crude production increases at 400,000 b/d, extending a previously reached deal to gradually return output to pre-pandemic levels. Delegates have said that, at the 400,000 b/d pace established in August, production should slowly but steadily balance…

Management of refining giant Valero Energy Corp. painted a bullish picture for oil products demand on Thursday, citing low inventories and surging global natural gas prices among factors boosting healthy crack spreads for U.S. refineries. “Refining margins were supported by strong recovery in product demand coupled with product inventories falling to low levels during the…

California regulators on Thursday launched a sweeping proposal to prohibit new wells and facilities within a 3,200-foot exclusion area, or setback, from homes, schools, hospitals, nursing homes and other “sensitive” locations. As proposed by the California Department of Conservation’s Geologic Energy Management Division (CalGEM), pollution controls also would be required for existing wells and facilities…

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…

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…

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…

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,…

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…

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…