Oil

Oil and natural gas companies added 2,400 upstream jobs to their Texas payrolls in October, marking the 23rd consecutive month of job growth, according to data from the Texas Workforce Commission (TWC).

U.S. imports of Canadian heavy crude oil are expected to increase over the next two years, but the pace of oilsands growth in Canada is also expected to slow because the declining number of projects under active development, according to IHS Markit.

U.S. oil and natural gas permitting during November increased 60% from a year ago and was up by almost one-third month/month (m/m), aided by strong gains in Colorado, New Mexico and Wyoming, according to Evercore ISI.

The Alberta government Sunday announced a cut of 325,000 b/d off the province’s oil production as of Jan. 1, 2019, to try boosting severely depressed prices blamed on a glut backing up behind stalled pipeline projects.

Canadian supply gluts and price slumps, attributed by many to obstructed oil pipeline projects, prompted appeals for help Wednesday to the country’s railways and the federal government.

The United States is forecast to contribute 40% of global natural gas production by 2025 and nearly 75% of oil growth in the next six years, driven mainly by unconventional onshore supplies, the International Energy Agency (IEA) said Tuesday.

Booming U.S. oil and natural gas production has exerted a “moderating” influence on the trade deficit and set the country on track to become a net oil exporter for the first time in decades, according to new research.

Mexican President-Elect Andrés Manuel López Obrador’s goal to increase domestic crude oil output to 2.4 million b/d in 2024 from the current average of 1.8 million b/d will be a tall order even under the most favorable circumstances, according to new analysis by the Pulso Energético think tank.

Mexican President-Elect Andrés Manuel López Obrador (AMLO) said last Wednesday he will suspend oil and gas bid rounds until the 107 contracts awarded through rounds under the current government begin producing.