Tag: oil production

September 5, 2023

Chevron Corp. bought a plot of land the size of almost 60 football fields just outside of Houston in preparation for what could become a new research-and-development campus. The 77-acre plot is part of the Bridgeland residential and commercial development […]

June 1, 2023

Exxon Mobil Corp. is betting that a better way to frack will double the amount of oil it can pump from shale fields. “There’s just a lot of oil being left in the ground,” CEO Darren Woods said June 1 […]

March 13, 2023

The Biden administration approved the massive Willow oil-drilling project in the Alaskan Arctic over the objections of environmentalists and many Democrats who wanted the project scuttled. The green light means Houston-based ConocoPhillips can start construction on its roughly $7 billion […]

January 3, 2023

The globe is shrinking for Exxon Mobil Corp. and Chevron Corp. as the two largest U.S. oil companies pull back on big international oil projects and concentrate on a handful of more lucrative assets closer to home. The two fossil-fuel […]

December 2, 2022

The European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said. The EU […]

October 5, 2022

The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. CVX 0.57%▲ to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from […]

September 5, 2022

Russia is using natural gas to punish Europe. Oil hasn’t yet been similarly weaponized, but talk of buyers imposing a price cap raises the risk that it could be. The Organization of the Petroleum Exporting Countries and Moscow-led allies decided […]

June 30, 2022

The OPEC oil cartel and allied producing nations decided June 30 to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The […]

February 8, 2022

U.S. oil production will grow even more than the government previously expected as a scorching price rally drives producers to boost drilling. Oil output will average 12.6 million barrels a day in 2023, an increase from its previous estimate of […]

January 25, 2022

OPEC and its Russia-led partners have promised to increase oil production to pre-pandemic levels this year but are falling short of those public commitments, stoking fast-rising global crude markets. Last month, the Organization of the Petroleum Exporting Countries and its […]

January 7, 2022

With today’s high oil prices and record gas prices, it is easy to forget that the situation was reversed as recently as two years ago. At the end of 2019, an over-supply of fossil fuels had left producers concerned about […]

November 11, 2021

Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday. In a closely watched monthly market report, OPEC said global demand for […]

October 12, 2021

West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter. U.S. crude futures advanced 1.5% on Oct. 11 […]

September 21, 2021

OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. “The plan is working, we’re gradually increasing and the market is absorbing it,” United […]

September 3, 2021

ExxonMobil Corp. is tapping the U.S. Strategic Petroleum Reserve to revive gasoline production in Louisiana after Hurricane Ida left much of the devastated state’s refining and oil production offline. Authorization to take 1.5 million barrels of crude from the government’s […]

August 27, 2021

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia gradually is restoring […]

July 30, 2021

Big oil companies are raking in their highest profits since the onset of the coronavirus pandemic, but they plan to continue spending sparingly to boost production despite higher commodity prices. Exxon Mobil Corp. reported $4.7 billion in second quarter profit […]

June 24, 2021

Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production. Stockpiles in Cushing, Okla., the delivery point for West Texas Intermediate oil futures fell nearly 4 million barrels in the […]

May 25, 2021

Oil was little changed as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand. West Texas Intermediate edged higher after switching between gains and losses in a roughly $1-a-barrel trading range. Talks between […]

May 10, 2021

A rally in gasoline futures lost steam as traders expect there will be enough fuel supply to meet demand after a cyberattack led to the shutdown of the largest U.S. oil-products pipeline. Crude futures reversed gains. Colonial Pipeline Co., a […]