The Gulf still does the heavy lifting when it comes to US oil production, pumping 14–15% of all U.S. crude. Twice-yearly lease sales give operators something they haven’t had in years: predictability. That matters when deepwater projects eat billions in upfront capital. A guaranteed sales schedule lowers risk and ensures the pipelines, rigs, and jobs tied to Gulf production keep humming.
In the report, the Standard Chartered Bank analysts said rolling back the November 2023 tranche of voluntary cuts has improved market transparency and allowed traders to obtain a more realistic picture of spare capacity. They added that they think removing the April 2023 tranche would have a similar effect.
Pipelines are the unsung backbone of the global energy system–quietly moving billions of barrels of oil and trillions of cubic feet of gas with unmatched efficiency, reliability, and scale. In the U.S., they handle nearly 70% of all petroleum shipments, or over 14 billion barrels annually, without the headlines or volatility of seaborne trade.
Each year, the Statistical Review of World Energy offers important insights into global energy trends. Now published by the Energy Institute in collaboration with KPMG and Kearney, the 2025 edition—reflecting full-year 2024 data—reveals that global oil production and consumption remained relatively steady, but there are meaningful shifts underway.
The broad view of the US President Donald Trump’s first administration as exclusively told to OilPrice.com at the time by a senior legal figure in that team was: “We’re not going to put up with any more crap from the Saudis.”
Azule Energy, a joint venture owned equally by bp Plc and Eni SpA, have announced a major gas discovery at its Gajajeira-01 exploration well, located offshore in the Lower Congo Basin, Republic of Angola.
Golar LNG’s FLNG Gimi vessel has reached its commercial operations date (COD) under the 20‑year lease-and-operate agreement for the Greater Tortue Ahmeyim (GTA) gas project offshore Mauritania and Senegal.
Springfield pointed out that it has made every effort to provide accurate information and context to media organisations that have shown interest in this matter. While many have engaged in good faith, a small number continue to push a damaging and misleading agenda. We respectfully caution that this is not acceptable.
Crude oil inventories in the United States increased by 3.8 million barrels during the week ending June 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 419 million barrels, roughly 9% below the five-year average for this time of year.
Oil market concerns over Middle East hostilities became almost exclusively focused over the past week on the Strait of Hormuz and the potential for short-term disruption. That’s what analysts at Standard Chartered Bank, including the company’s commodities research head Paul Horsnell, think, a new report sent to Rigzone by the Standard Chartered Bank team on […]