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Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine

Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine

Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…

September 21, 2022
Domestic Crude Production Holds Even as Demand Eases; OPEC Sends Mixed Signals

Domestic Crude Production Holds Even as Demand Eases; OPEC Sends Mixed Signals

U.S. oil output was flat for a third consecutive week as demand fell amid increasing consternation about a looming economic recession, U.S. Energy Information Administration (EIA) data released Wednesday showed. Production for the period ended Sept. 9 was even with the previous two weeks at 12.1 million b/d, EIA said in its Weekly Petroleum Status…

September 14, 2022
Domestic Oil Production Rises Alongside Bump in Demand

Domestic Oil Production Rises Alongside Bump in Demand

U.S. crude production ticked up last week, approaching a 2022 high, keeping pace with an increase in demand for travel fuels, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended Aug. 26 rose by 100,000 b/d to 12.1 million b/d from the prior week, EIA said in its Weekly Petroleum Status…

August 31, 2022
OPEC Downgrades Crude Demand Outlook; IEA Says Gas-to-Oil Switching Impacts Forecast

OPEC Downgrades Crude Demand Outlook; IEA Says Gas-to-Oil Switching Impacts Forecast

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…

August 11, 2022
U.S. Oil Production Bounces Back to 2022 High

U.S. Oil Production Bounces Back to 2022 High

American crude production rebounded last week, returning to its 2022 peak level just as President Biden visited Saudi Arabia to urge the Kingdom to ramp up Middle East output. After reaching 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 marked…

July 27, 2022
U.S. Oil Production Ebbs, IEA Cuts Global Demand Forecast as Biden Heads to Middle East

U.S. Oil Production Ebbs, IEA Cuts Global Demand Forecast as Biden Heads to Middle East

On a day when President Biden launched a Middle East tour in part to press for greater crude output, U.S. officials said American oil production declined along with consumption. A global energy watchdog also lowered its demand outlook, citing the specter of recession. One week after reaching a 2020 high, U.S. producers pumped 12.0 million…

July 13, 2022
Domestic Crude Output Holds at 2022 Pinnacle as Demand Increases; OPEC Leader Dies

Domestic Crude Output Holds at 2022 Pinnacle as Demand Increases; OPEC Leader Dies

U.S. oil production last week held at a high point for the year as overall petroleum demand increased, led by consumption of travel fuels, the U.S. Energy Information Administration (EIA) reported Thursday.   Producers pumped 12.1 million b/d for the week ended July 1, according to the EIA’s Weekly Petroleum Status Report. That continued the pace…

July 7, 2022
U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth

U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth

Domestic crude output reached a new high for the year as producers continue to gradually ramp up to meet summer demand, the U.S. Energy Information Administration (EIA) reported Wednesday. Production climbed to 12.1 million b/d for the week ended June 24, up 100,000 b/d week/week, according to the EIA’s Weekly Petroleum Status Report (WSPR). Exploration…

June 29, 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 Holds at Elevated Levels as Summer Demand Looms Large

U.S. Crude Production Holds at Elevated Levels as Summer Demand Looms Large

American crude producers last week held output at the high point for the year. Demand for petroleum products was flat from the prior week amid soaring prices, the U.S. Energy Information Administration (EIA) said Wednesday, but consumption is expected to mount this summer. U.S. oil production totaled 11.9 million b/d for the week ended May…

May 25, 2022
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