In response, the Organization of the Petroleum Exporting Countries and its partners in the OPEC+ group are ramping up production to reclaim market share lost to the U.S. and other producers. On Sunday, OPEC+ announced plans to increase output by 137,000 barrels per day starting in October.
U.S. oil and gas giant, Exxon Mobil (NYSE:XOM), has predicted that we will fall far short of the global energy sector’s net zero goals, thanks to high energy costs and surging coal demand. In its newly published Global Outlook, Exxon has forecast that the planet will only be able to cut emissions by 25% by 2050, nowhere near the two-thirds reduction required to meet IPCC goals.
The total number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday, after falling by 4 last week.
Pointing to key Biden administration policies to mitigate climate change, Energy Secretary Jennifer Granholm promised Wednesday that the United States would lead global energy transition.
Exports of crude oil from the United States have surged since Russia invaded Ukraine last year, with Europe turning into the biggest buyer of U.S. crude. The story is pretty much the same as in gas. And so is the production side of this story.
If the U.S. wants its LNG exports to continue to grow, it will need more pipelines in order to get the gas to export terminals.