U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 9.2 million barrels from the week ending January 12 to the week ending January 19, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.
Oil is on track to be the largest export item for the United States this year for the first time in history, highlighting the growing influence of U.S. oil production and exports on the global oil market.
U.S. energy firms this week cut the number of active oil and natural gas rigs for an eighth week in a row, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.
The U.S. is already on its way to becoming the biggest LNG exporter in the world in terms of capacity. This trend is only going to accelerate in the next four years as the country leads new capacity additions for the superchilled, low-emissions fuel.
Even with the share of renewables in electricity production rising continuously over the past years, oil remains the world’s most important energy source when factoring in transport and heating.
British Gas owner Centrica has signed a £6.2bn ($8bn) mega deal with US fossil fuel producer Delta Midstream, in a welcome boost for the UK’s power supplies.
With the next OPEC+ meeting taking place this Sunday and the U.S. debt ceiling saga set to draw a conclusion around the same time, oil markets are sure to be on edge all week.
A new wave of mergers and acquisitions is coming to the U.S. oil patch, and the most prolific shale basin, the Permian, is set to lead the deal-making activity in the industry.
During CERA Week, top executives from some of the biggest U.S. shale companies discussed global oil supply with top OPEC officials.
Biden in the State of the Union speech: oil will be needed for at least another 10 years