The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI crude for February delivery gained topped $80 per barrel.
The Permian in West Texas and southeastern New Mexico continues to be the most prolific oil and gas producing basin in the United States, accounting for most of the output at the biggest public onshore producers and representing the bulk of oil and gas production at the top 50 producers.
North Dakota’s claim to oil fame has long been the Bakken shale, one of the top shale plays in the country. The Bakken is considered a rather mature play, but now, studies by researchers with the state’s Department of Natural Resources have opened up the prospect of a second life for the Bakken.
Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year.
The global energy landscape has entered a transformative era as Europe decisively shifts away from Russian natural gas. Once the cornerstone of Europe’s energy supply, Russia now faces the economic and geopolitical fallout of losing its largest market.
A Shell-CNOOC joint venture has reached an FID on expanding a petrochemicals complex in the south of China, Shell said on Wednesday.
ADNOC and energy technology company Baker Hughes have completed the first-ever deployment of LOOP decarbonisation technology at an operational gas processing facility, namely the Habshan Gas Processing Plant in the UAE, ADNOC announced on Thursday.
Crude oil’s strong start to the year was reinforced on January 10 with the announcement of the latest, and most extensive yet, round of U.S. sanctions on Russia.
Russia claimed it damaged ground infrastructure of one of the largest natural gas storage sites in Ukraine’s Lviv region during a series of attacks on the country’s energy sector on Wednesday.
Oil surpassed $80 a barrel for the first time since August as US inventories tightened and fresh sanctions on Russia began to affect crude flows.