For the first two months of 2023, production of crude oil in the U.S. neared pre-COVID levels, according to the U.S. Energy Information Administration.
The production of crude oil in the U.S. in January and February was the most since March 2020 when the pandemic hit.
The U.S. produced 12.54 million barrels of crude oil per day in January and 12.48 million barrels per day in February. That represented the highest levels since 12.80 million barrels per day in March 2020.
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Saudi Arabia’s foreign ministry issued a rare statement Wednesday confirming that the Biden administration pressured OPEC+ to delay oil production cuts until November.
The OPEC+ oil cartel, which includes Russia, slashed production by two million barrels per day (bpd) on Oct. 5 prompting the White House to threaten consequences for Saudi Arabia due to the ensuing jump in gas prices. The Saudi Foreign ministry responded on Oct. 12 with a lengthy defense of the decision, resisting pressure amid discussions with the U.S. to delay a decision until November, when it might be too late for the price hike to affect midterm election prospects, according to The Associated Press.
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Texas Gov. Greg Abbott is pushing back against an Environmental Protection Agency proposal that he says would cripple oil and gas production in the Permian Basin – potentially jeopardizing a quarter of the U.S. gas supply.
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U.K. Prime Minister Boris Johnson traveled to the Middle East to discuss increased oil production with leaders after they reportedly snubbed President Joe Biden’s requests.
Johnson met with United Arab Emirates Crown Prince Mohammed bin Zayed al Nayhan on Wednesday and is traveling to Saudi Arabia to meet with Crown Prince Mohammed bin Salman later in the day, according to The Wall Street Journal. Johnson is reportedly set to deliver a message on behalf of the West, urging the two oil-rich nations to boost production.
“The Prime Minister set out his deep concerns about the chaos unleashed by Russia’s unprovoked invasion of Ukraine, and stressed the importance of working together to improve stability in the global energy market,” the British government said in a readout of Johnson’s meeting with the UAE leader earlier Wednesday.
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Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March.
According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009.
Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States.
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The crash in U.S. oil production is growing worse as freezing temperatures and power outages in Texas prevent pumping the fossil fuels from the ground.
Bloomberg reported that oil production has plunged by close to 40% — the most ever, according to traders and industry executives with direct knowledge of the operations.
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Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.
Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand.
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OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O
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Oil produced on federal land leased by the U.S Department of Interior topped one billion barrels last year, the department said Wednesday.
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Oil production on federal lands topped 1 billion barrels in 2019, marking a 29% increase from the Obama administration, Department of the Interior officials announced Tuesday.
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by Jason Hopkins The United States is expected to churn out far more oil in 2019 than what international analysts originally forecasted. The International Energy Agency, a Paris-based organization that helps coordinate energy policies for industrial countries, released its latest oil market report Friday, noting exceptional numbers for the U.S. fossil fuel industry. The agency reported U.S. oil production is expected to rise by 1.3 million barrels a day in 2019. While this number is lower than the record-smashing 2.1 million increase producers enjoyed in 2018, it’s more than double what the IEA initially expected to see in 2019. The forecast illustrates the latest in the country’s shale oil boom, which has experienced unprecedented growth in recent years thanks to the emergence of hydraulic fracturing and an administration that has fostered a more conducive environment for fossil fuel development. Already, the U.S. is the largest international crude oil producer, with output expected to top 12 million barrels per day in 2019 and reach 12.9 million by 2020, according to the Energy Information Administration’s latest report. Analysts predict the U.S. will keep blowing past its global competitors. “By the middle of the year, US crude output will probably be more…
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