Domestic crude production ticked lower last week along with demand, the U.S. Energy Information Administration (EIA) said Wednesday. The latest government snapshot followed President Biden’s assertion this week that energy majors are keeping a lid on output in order to maintain high oil and natural gas prices to bolster profits. Biden on Monday floated a…
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U.S. Oil Production Flat as IEA Chief Warns of Tight Supplies, ‘First Truly Global Energy Crisis’
Domestic crude production held even last week as demand dipped slightly and inventories edged up, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. exploration and production (E&P) companies kept output for the week ended Oct. 21 at 12.0 million b/d, flat with the prior week and roughly in line with the level maintained through…
U.S. Crude Production Edges Higher Along with Demand; Biden to Tap Reserves Again
American exploration and production (E&P) companies raised oil output modestly last week as overall petroleum demand recovered some ground after multiple declines earlier in the fall, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. oil production last week increased by 100,000 b/d to 12.0 million b/d, EIA said in its latest Weekly Petroleum Status…
Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims
President Biden warned of “consequences” for Saudi Arabia after OPEC-plus dismissed U.S. objections and said it would slash crude production, a move that could send global oil prices and gasoline costs for Americans surging. The Biden administration said the plan by the cartel, to cut output by up to 2 million b/d next month, would…
U.S. Politicians Urge Action to Curb OPEC Influence as Production Cuts Loom
The consortium of oil-producing countries known as OPEC-plus spurred rare bipartisanship in the U.S. capital after the cartel said it would slash crude production. The group said last week its decision to cut output by 2 million b/d in November was in response to global recessionary headwinds and threats to demand. But Washington lawmakers on…
Shock OPEC-Plus Production Cut Galvanizes Fresh Support for Bill Targeting Cartel Price Fixing
The consortium of oil-producing countries known as OPEC-Plus spurred rare bipartisanship in the U.S. capital after the cartel said it would slash crude production. The group said last week its decision to cut output by 2 million b/d in November was in response to global recessionary headwinds and threats to demand. But Washington lawmakers on…
Specter of Recession Looms Large Over Global Natural Gas, Oil Markets
Threats of recession in the United States and across Europe are gathering force amid festering inflation and rapidly rising interest rates, developments that already tapered oil consumption and could impact commercial and industrial natural gas demand. The latest indicator: The U.S. Labor Department on Friday reported the job market remains tight but hiring is slowing.…
OPEC-Plus Cut Could Send Oil Prices Soaring Above $100, Entice U.S. E&Ps to Ramp Up
Lower 48 energy producers, in response to a massive OPEC-plus supply cut that is expected to spur a surge in oil prices, could bolster crude output in the final months of 2022 to both capitalize and ensure domestic supply/demand balance, analysts said Thursday. U.S. exploration and production (E&P) companies could increase output to 12.7 million…
U.S. Production, Demand Flat as Global Oil Market Enters New Era of Uncertainty
American crude output held even at a level well below the 2022 peak – and far from pre-pandemic highs – as demand leveled off and recessionary headwinds gathered force both in the United States and globally, the U.S. Energy Information Administration (EIA) said Wednesday. The government’s snapshot of domestic supply/demand came on the heels of…
OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia
OPEC-plus members, including Saudi Arabia and Russia, agreed on Wednesday to cut crude production by 2 million b/d. It marked the coalition of oil-producing countries’ largest pullback on output since the early days of the pandemic in April 2020, a move that could both send prices back to $100/bbl and aid Russia’s escalating war in…