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Tag: oil production


Energy, Industry Focus Areas

OPEC+’s Warning Shot

September 5, 2022

Via: The Wall Street Journal

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 […]


Energy, Industry Focus Areas

OPEC+ Oil Boost Unlikely to Ease Fuel Prices

June 30, 2022

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

US Sees Record Oil Production Next Year Moving Even Higher

February 8, 2022

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

OPEC, Russian Oil-Output Increases Fall Short of Promises

January 25, 2022

Via: The Wall Street Journal

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 […]


Energy, Industry Focus Areas

Energy prices are unlikely to fall in 2022 or beyond, not until major importers get serious about green transition

January 7, 2022

Via: Phys.org

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 […]


Energy, Industry Focus Areas

High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says

November 11, 2021

Via: The Wall Street Journal

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 […]


Energy, Industry Focus Areas

Crude Closes Above $80 With Energy Crisis Boosting Demand

October 12, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

OPEC+ Can Proceed With Reviving Supply, Key Members Say

September 21, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

Exxon Taps Strategic Oil Reserve After Ida Shuts Gulf Output

September 3, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

OPEC+ Expected to Stick to Planned Output Hike

August 27, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

Big Oil Companies, Back in the Money, Keep Spending Tight

July 30, 2021

Via: The Wall Street Journal

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 […]


Energy, Industry Focus Areas

Key US Oil Storage Hub Seen Depleting as Producers Hold Tight

June 24, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

Oil Wavers With Talks Resuming on Potentially Reviving Iran Deal

May 25, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

Gas Futures Shrug Off Cyberattack on Pipeline

May 10, 2021

Via: Transport Topics

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 […]


Energy, Industry Focus Areas

Oil Climbs With US Demand Bump Driving Global Rebound Optimism

April 28, 2021

Via: Transport Topics

Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption. Futures jumped as much as 2.2% […]


Energy, Industry Focus Areas, Regulations

U.S. Needs to Better Monitor Oil, Gas Pipelines in Gulf of Mexico, Report Says

April 19, 2021

Via: The Wall Street Journal

WASHINGTON—Federal officials aren’t adequately monitoring the integrity of 8,600 miles of active oil-and-gas pipelines on the Gulf of Mexico’s seafloor, and for decades have allowed the industry to abandon old pipelines with little oversight, a new report to Congress shows. […]


Energy, Industry Focus Areas, News

US Oil Majors Downgraded by S&P on Climate Risk, Earnings

February 12, 2021

Via: Transport Topics

Exxon Mobil Corp., Chevron Corp. and ConocoPhillips had their credit ratings lowered after S&P Global Ratings followed through on its recent warning and revised the industry’s risk profile due to climate change and weak earnings. The oil and gas producers’ […]


Energy, Industry Focus Areas

Shell Hits Its Own Peak Oil, Plans to Reduce Output

February 11, 2021

Via: The Wall Street Journal

LONDON— Royal Dutch Shell PLC said it would start reducing oil production, calling an end to a decades-old strategy centered on pumping more hydrocarbons as it and other energy giants seek to capitalize on a shift to low-carbon power. The […]


Energy, Industry Focus Areas

Exxon Announces New Emissions Targets After Investor Criticism

December 14, 2020

Via: Transport Topics

ExxonMobil Corp. announced several new emissions targets and said it would begin publishing pollution information related to customers’ use of its products for the first time, just days after activist investors criticized the oil giant for its environmental record. Exxon […]


Energy, Industry Focus Areas

Oil Slips From Nine-Month High With Markets in Risk-Off Mode

December 7, 2020

Via: Transport Topics

Oil fell from its strongest close in nine months, hampered by weaker risk sentiment in global markets. Crude futures were down 0.9% in New York, with the dollar rising and European equities and U.S. stock futures declining. Oil rallied last […]