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Oil slick in the Red Sea from a British-owned ship attack by Yemen’s Houthis, US military says

An attack by Yemeni Houthi rebels on a Belize-flagged ship earlier this month caused an 18-mile (29-kilometer) oil slick, the U.S. military said Saturday. It also warned of the danger of a spill from the vessel’s cargo of fertilizer. The Rubymar, a British-registered, Lebanese-operated cargo vessel, was attacked on Feb. 18 while sailing through the […]


Tanker transporting Russian oil attacked by Houthis

A tanker belonging to Trafigura company, which, according to the firm’s representatives, was carrying oil of Russian origin, has been attacked by Houthis in the Red Sea. Source: Bloomberg Details: A missile attacked the tanker on its way out of the Red Sea, becoming the largest Houthi attack ever. Yemeni Houthi rebels claimed responsibility for […]


US oil production will keep booming in 2024, setting up a possible showdown with Saudi Arabia

US oil production is having a blockbuster year, and 2024 could see fresh highs, putting more pressure on Saudi Arabia to regain control over crude prices. Analysts at Rapidan Energy estimate US output will average 13.3 million barrels a day next year, up from 2023’s average of 13 million and above the current all-time record […]


Oil Strategists Look at USA Oil Production

Despite pervasive narratives around a supposed lack of shale supply response, monthly U.S Energy Information Administration (EIA) data shows U.S. oil production reaching a record 13.1 million barrels per day in August. That’s what strategists at Macquarie stated in a report sent to Rigzone on Wednesday, adding that they believe “persistent shale skepticism, coupled with […]


Why Can’t The UK Use North Sea Oil?

The United Kingdom has historically been one of the main oil producers in Europe, thanks to the vast fields located in the North Sea. However, in recent years, oil production in this region has decreased significantly, causing the UK to not be able to use North Sea oil as much as before. Oil exploitation in […]


U.S. oil output hits record as producers boost drilling efficiency

U.S. oil and gas production has continued to rise as companies squeeze more from each well despite a fall in the number of rigs employed, with the industry boosting efficiency to offset the impact of lower prices. Crude and condensate production rose to a record 13.1 million barrels per day (b/d) in August, surpassing the […]


Shale Consolidation Could Put A Permanent Lid On Oil Output

Back in April, the Wall Street Journal reported Exxon was interested in acquiring Pioneer Natural Resources. The company is the biggest independent producer in the Permian and an acquisition was the most logical path to growth there after the record year that Exxon, like the rest of the industry, had in 2022. The information re-emerged this month […]


US oil production at record high, crude stocks up 10.2M barrels last week

US crude stockpiles jumped more than 10 million barrels last week, their most in eight months, as exports tumbled and refineries slowed processing of oil amid maintenance, while output from the world’s largest producer of the commodity hit a new record high of 13.2 million barrels per day, government data showed on Thursday. The US […]


OPEC, IEA diverge further in 2024 oil demand forecasts

The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) diverged further on Thursday in their predictions of global oil demand growth in 2024 as they hold contrasting views on next year’s economic outlook. In its monthly oil market report published on Thursday, the oil producer group OPEC stuck to its […]


Huge Build In Crude Inventories Is A Red Flag For Oil Markets

December West Texas Intermediate (WTI) crude oil futures experienced a volatile week, with prices swaying due to geopolitical tensions and shifts in supply and demand metrics. The market started the week strong, driven by concerns of supply disruptions following the terrorist attacks by Hamas on Israel. However, the bullish sentiment quickly faded. Israel-Hamas Conflict and […]


OPEC Says Oil Industry Needs $14 Trillion Of Investment By 2045

OPEC Says Oil Industry Needs $14 Trillion Of Investment By 2045 thumbnail

The world needs $14 trillion in cumulative investments in the oil sector by 2045 to ensure market stability and avoid energy and economic chaos, OPEC said in its annual World Oil Outlook on Monday. The annual investments need to be around $610 billion on average, the bulk of which should go to the upstream segment, the cartel […]


Russia imposes temporary halt on fuel exports to majority of nations

Russia has implemented an immediate ‘temporary’ suspension of gasoline and diesel exports to all countries except for four former Soviet states, with the goal of stabilizing its domestic market, as announced by the government on Sept. 21. The government clarified that the export ban does not pertain to fuel shipments under inter-governmental agreements to members […]


Gail Tverberg: Fossil Fuel Imports Are Already Constrained

Gail Tverberg: Fossil Fuel Imports Are Already Constrained thumbnail

For many years, there has been a theory that imports of oil would become a problem before there was an overall shortage of fossil fuels. In fact, when I look at the data, it seems to be clear that oil imports are already constrained. Figure 1. Interregional trade of fossil fuels based on data of […]


US Crude Oil Production Nears Pre-Pandemic Record, but Growth Slows

The production of crude oil in the United States saw an increase in June, nearing the record high set before the COVID-19 pandemic. However, the pace of growth has slowed as the industry responds to falling prices since mid-2022. In June, total crude and condensates production reached 12.8 million barrels per day (bpd), up from […]


Russian oil breaks price cap, revenue soars in July

Russia’s crude oil surpassed the price ceiling set by the Group of Seven (G7), leading to a significant rise in income from oil exports, Bloomberg reported on Aug. 11., citing statistics provided by the International Energy Agency. Last month, the weighted mean price for the country’s crude oil transported by sea reached $64.41 per barrel. […]


How Unknown Traders Keep Russian Oil Flowing

Newly incorporated trading firms, mainly outside Europe, have managed at least half of all Russian crude and refined product exports so far this year, often using a ‘shadow fleet’ of tankers. Many of these trading firms have been significant exporters of Russian oil since the EU embargo on seaborne Russian imports and the $60 per […]


EIA: Texas crude output sets record

Crude output in Texas surged to a record in May just as US demand climbed to a fresh seasonal peak. Texas production, which accounts for about 40% of the nation’s crude oil output, climbed to 5.49 million barrels a day in the period, the highest in monthly government data going back to 1981. Meanwhile, oil demand in the […]


The U.S. is now energy independent

For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing. The intrigue: It’s elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the […]


Peak oil is another reason to shun OPEC club

Guyana is the Groucho Marx of oil producers. The comedian famously didn’t want to belong to any club that would accept him as a member. The tiny South American nation is similarly resisting overtures to join the Organization of the Petroleum Exporting Countries, the Wall Street Journal reported on Monday, preferring to pump the black […]


China Completes Its Longest Deepwater Oil Pipeline

China has completed installing its longest deepwater pipeline for oil and gas in a project led by China National Offshore Oil Corporation (CNOOC) Ltd, achieving a breakthrough in the country’s construction capacity for deepwater technology, according to a report from the China Global Television Network (CGTN). The submarine pipeline is a crucial component of the […]


Exxon: New Fracking Technology Can Double Oil Output

The U.S. shale revolution dramatically reshaped the world energy markets. The shale boom was one of the most impressive growth stories, from take off in 2008 to the Permian stealing the mantle from Saudi Arabia’s Ghawar as the world’s highest producing oilfield in a little over a decade.  Overall, Reuters has estimated that, “U.S. petroleum […]


Oil sands face uncertain future in post-peak world

The long-term prospects for the sector may depend on the rate of decline in global oil consumption Supporters and critics of Canada’s oil sands sector are broadly optimistic in their short- and medium-term outlooks, but they diverge sharply when looking further ahead. In the longer term, proponents are optimistic about Opec+ cohesion and crude prices […]


For the Global Oil Market, Russia’s Output Cut Isn’t Happening

Wherever you look outside of Russia, there is precious little sign of the oil production cut that President Vladimir Putin and other government officials say is underway. For Russia’s allies in the OPEC+ grouping, who’ve committed to cutting their own output to prop up oil prices, the fact the country isn’t withdrawing supplies from the global market […]


‘Worst yet to come’ for Europe energy shortages

Qatar’s energy minister warned on Tuesday the “worst is yet to come” for Europe’s oil and gas shortages, saying a warm winter had prevented greater difficulties in recent months. Saad al-Kaabi and his Saudi counterpart Prince Abdulaziz bin Salman said a lack of investment in oil and gas, as the world tries to transition to […]


U.S. Shale Production Is Set For A Rapid Decline

U.S. Shale Production Is Set For A Rapid Decline thumbnail

I have argued in several Oilprice articles, and most recently in February 2023, that the era of increasing output from shale wells did not have much more room to run absent a price signal that caused a huge increase in drilling. A price signal similar to the one the market received with the onset of the […]


It’s the Quiet Oil Crisis That’ll Kill You

We throw around the word “crisis” way too much today.  Just scan the headlines yourself, and you’ll see exactly what I mean. You know the saying about making a mountain out of molehill, right?  We don’t hold too much of a grudge against them, though, do we? After all, the hyperbolic, clickbait nature of today’s […]


A Stranded Society: Fossil Fuel Infrastructure in a Post-Carbon World

A Stranded Society: Fossil Fuel Infrastructure in a Post-Carbon World thumbnail

Believe it or not, the fossil fuel industry used to be considered a bad investment. This is hard to believe in 2023, with the sector accruing gigantic profits on the back of the global energy crisis. As supplies tighten, profits increase and the expectation that oil and gas investments were stranded assets — destined to […]


U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output thumbnail

U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies. E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday. The result was flat […]


Did The EIA Finally Get Realistic About U.S. Shale Output?

Readers will recall that, for the last several months, I have noted that US oil production per the EIA’s weekly Petroleum Status Report was inconsistent with the data from the EIA’s monthly Drilling Productivity Report (DPR) The graph below shows the state of play as of last week.  The two red arrows at right show […]


Russia Flows to Poland Stopped on Lack of Shipment Orders

Russia stopped oil shipments to Poland after pipeline operator Transneft didn’t receive documents necessary for the crude to be allowed to leave the country. The producer of the oil that was due to be delivered to Poland in the final days of February didn’t send shipment orders or the transit payment, Transneft spokesman Igor Dyomin […]


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