Starting today, U.S. oil will be part of the Brent crude basket that underlies the world’s most traded benchmark contract.
The total number of total active drilling rigs in the United States fell by 7 this week, according to new data from Baker Hughes published Friday, after rising by 2 last week.
One of my 2023 energy predictions was “Total U.S. oil production will again rise, and set a new annual production record.” The previous annual record was set in 2019 at 12.3 million barrels per day (bpd), and by the end of 2022 monthly production was just about back to that level following the devasting Covid-19 impact on the industry in 2020.
In the next few weeks, the U.S. government plans to send Mexico an ultimatum, with the intention of breaking the deadlock in talks around Mexican President López Obrador’s (AMLO) energy policy. The dispute centers on the 2021 proposed amendments to Mexico’s Electricity Industry Law, which give priority to their own Federal Electricity Commission (CFE) over […]
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 Friday, after falling 4 last week.
The US is weighing sanctions on Myanmar’s state-owned oil and gas company to choke funding to the nation’s military regime, according to people with direct knowledge of the matter, a move that risks hitting American allies involved in the sector.
Oil prices fell sharply on Friday amid declining European banking shares and after US Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
U.S. gasoline prices are now lower than they were at this time last year, and the national average could drop to below $3 per gallon by Christmas. Higher-than-usual refinery utilization rates are key contributors to the drop in gasoline prices as refiners have operated at near capacity since the September-October maintenance season.
According to BP’s latest annual statistical review of world energy, the top oil producer in the world in 2021 was the United States with an output of 16.58 million barrels per day.