Biden Scraps Offshore Oil Auctions

The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet — a move that deepens uncertainty over the future of the US government’s offshore oil leasing program. The Interior Department said in an emailed statement it “will not move forward” with two Gulf lease auctions that […]

Russia estimates its oil output could fall as much as 17% this year

Russia’s oil output could decline by as much as 17%, Reuters reported Wednesday. The Kremlin is facing its biggest slump in crude production since the early 1990s. Russia is facing its biggest slump in oil production since the finals days of the Soviet Union, as Western sanctions continue to batter the economy. The Kremlin sees […]

Is Global Oil Production Growing Fast Enough?

Media outlets tend to make it sound as if all our economic problems are temporary problems, related to Russia’s invasion of Ukraine. In fact, world crude oil production has been falling behind needed levels since 2019. This problem, by itself, encourages the world economy to contract in unexpected ways, including in the form of economic […]

Decline In World Conventional Oil Output And Peak Oil

Summary World Conventional Oil output peaked at a centered twelve-month average (CTMA) of 74193 kb/d in July 2016. The general trend for non-OPEC conventional oil has been an annual decline rate of about 48 kb/d over this period, and for OPEC, output has increased at an annual rate of 171 kb/d over the same period. […]

‘Drill, Baby, Drill!’

The world’s energy picture is changing almost daily, and everyone seems to have a solution for the high price of natural gas and gasoline. Drilling for new oil is the solution, our senior U. S. senator said. He didn’t exactly say “Drill, Baby, Drill,” as Sarah Palin famously did during the 2008 Vice Presidential debate, […]

Experts say IEA’s pumping of 120mn barrels of oil has limited, short-term impact

Experts and specialists say the International Energy Agency (IEA)’s announcement of a new pumping of oil from emergency reserves of about 120 million barrels to boost energy supplies and calm prices will have a limited and short-term effect. HE the Second Deputy Prime Minister and former minister of energy and industry Abdullah bin Hamad al-Attiyah […]

Is Today’s Energy Shortage Worse Than The 1970s Oil Crisis?

When Middle Eastern oil producers declared an oil embargo on exports to the U.S. in 1973, oil prices soared and the U.S. experienced significant fuel shortages. Today’s energy crisis, which includes not only oil but also natural gas and coal, could be even worse than the infamous oil crisis of the 1970s. The current energy […]

Gazprom Halts Gas Shipments To Europe Via Critical Pipeline

After European nations imported the most gas from Russian sources yesterday in months, scrambling to stock up on supplies as Russian President Vladimir Putin’s deadline to either pay for gas in rubles (or be cut off) came and went, Russian gas giant Gazprom has officially halted all deliveries to Europe via the Yamal-Europe pipeline, a […]

Putin Says Gas Exports to Be Halted If Payments Not Made in Rubles

Russia will halt gas supplies to buyers from ‘unfriendly’ states unless they switch to payments in rubles from April 1, President Vladimir Putin said, the latest strike in a struggle with Europe over energy sales. To buy Russian gas, they need to open ruble accounts in Russian banks,” Putin told officials in a televised speech […]

Russian Oil Sales Going Underground

Away from the public eye. That’s where Russian crude is going as buyers tread carefully in their dealings with the pariah producer. The market is waiting to see if Russian firms such as Surgutneftegas PJSC proceed with monthly sell tenders for ESPO crude this week. The offers are unlikely to attract any bids, oil traders […]

Will the Russian Invasion Accelerate Peak Oil?

It was 1973 when a war between Israel and a coalition of Arab states led Saudi Arabia and other oil producers to impose an embargo on crude shipments to the United States. Oil prices soared, and the way the world consumed energy changed. France built a fleet of nuclear power plants. Japan did, too; it […]

Ecuador’s private heavy crude pipeline bursts in Amazon region

Ecuador’s privately held heavy crude pipeline burst on Friday and technical staff are at the scene working to contain the damage, crude transport company OCP Ecuador said. The incident happened in the so-called Piedra Fina zone, an area in Ecuador’s Amazon where regressive erosion caused the OCP pipeline and the state-owned SOTE pipeline to halt […]

Oil Production Capacity For Dummies

There has been a lot of attention given to the question of whether or not various OPEC+ countries will be able to meet their allowed production targets as the year progresses, given that some—such as Angola and Nigeria—are already well below their allowed levels. This is a major factor behind predictions that oil prices will […]

EIA expects U.S. fossil fuel production to reach new highs in 2023

Source: U.S. Energy Information Administration, Monthly Energy Review and Short-Term Energy Outlook (STEO) After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion British thermal units. Based on forecasts in our latest Short-Term Energy Outlook (STEO), we expect U.S. […]

Have You Seen 200 Million Barrels of Oil Anywhere?

The International Energy Agency is trying to figure out where 200 million barrels of oil went. The adviser to energy-consuming nations said on Wednesday that observable global oil inventories plunged by more than 600 million barrels last year. That would be fine were it not for the fact — based on its estimates of supply […]

US becomes world’s top exporter of liquified natural gas

According to ICIS LNG’s ship tracking data, the United States is currently the world’s leading exporter of liquefied natural gas, as shipment demand in the United States is skyrocketing due to the energy crisis in Europe and the shortage in China. LNG exports from the United States exceeded 7.7 million tonnes in December. The United […]

USA Loans Oil to Exxon Again

Exxon Mobil Corp. was granted another oil loan from the U.S. strategic reserves under President Joe Biden’s effort to ease pain at the gasoline pump. Exxon was awarded 2 million barrels as part of the crude-exchange program announced in November after gasoline prices touched a seven-year high. The latest grant brings the total awarded to […]

Mexico to Stop Exporting Oil in 2023 in Self-Sufficiency Quest

Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce crude oil exports to 435,000 barrels a day in 2022 before phasing out […]

Saudi Arabia’s Exports Surge in October on Higher Oil Prices

Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices. The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom’s General Authority for Statistics. The share of oil in total exports rose to 77.6% in October […]

Exxon Reports Blaze at Major U.S. Oil Refinery

Exxon Mobil Corp. is working to extinguish a fire at its Baytown facility in Texas, the fourth-largest refinery in the U.S. Four people have been injured in the fire that occurred at about 1 a.m. local time, according to Exxon. Gasoline’s premium to West Texas Intermediate crude rose as much as 6.1% on the New […]

World Economy Entering Period Of Oil Scarcity, Halliburton CEO Says

Halliburton CEO and president Jeff Miller made waves this week by predicting that the world is due for a period of oil scarcity in comments at the World Petroleum Congress in Houston, Texas. “I think that for the first time in a long time, we will see a buyer looking for a barrel of oil, […]

Doomberg: There’s Not Enough Oil

“Nobody goes there anymore. It’s too crowded.” – Yogi Berra We have a small confession to make. Discovery Channel’s Gold Rush is one of our favorite television shows. For those that don’t know, a television is a thing that looks remarkably like a computer monitor, but instead of simply watching whatever you feel like whenever […]

Canadian oil output set to peak in 2032

Oil output from Canada, the world’s fourth-largest producer, is set to climb over the next decade to peak at 5.8 million barrels per day (bpd) in 2032, the Canada Energy Regulator (CER) said on Thursday. The country’s oil production, seen at 5 million bpd in 2021, is likely to remain resilient despite relatively low oil […]

Activists hail North Sea oil ‘death blow’ as Shell walks away

A major North Sea oil project which it was claimed would help secure UK energy supplies has been plunged into crisis after Shell pulled out citing doubts about its viability, amid a lack of political support in Westminster and Holyrood. The Cambo oil field off the Shetland Islands was set to create an estimated 1,000 […]

New Type of Price War is Brewing

A new and unchartered type of price war is brewing in the oil market, according to Rystad Energy’s senior oil markets analyst Louise Dickson. Dickson made the statement in a comment sent to Rigzone after the world’s biggest oil consumers announced plans to release strategic reserves onto the market. “The orchestrated release of what we […]

Musings on OPEC+ spare capacity

OPEC+ countries’ seaborne exports for October and the first half of November have seen a clear increase. Amid other factors, this has helped pause the oil price rally over the last couple of weeks. But the flip side of OPEC+ production increases is always a mirroring decline in spare capacity. A look at the details […]

OPEC+ Tells the World: Your Energy Crisis Isn’t Our Problem

OPEC+ ignored demands for a bigger oil-production increase, instead blaming their customers’ economic woes on soaring prices of natural gas and coal.   “Oil is not the problem,” Saudi Energy Minister Prince Abdulaziz bin Salman told reporters after a meeting on Thursday, when the cartel emphatically rejected President Joe Biden’s request to quicken the pace […]

Visualizing US Oil & Gas Production

This article contains still images from the interactive dashboards available in the original blog post. To follow the instructions in this article, please use the interactive dashboards. Furthermore, they allow you to uncover other insights as well. Visit ShaleProfile blog to explore the full interactive dashboard These interactive presentations contain the latest oil & gas […]

Canadian Oil Collapses at U.S. Hub as Refiners Shun Heavy Crude

  Canadian heavy crude’s price collapsed at the U.S. trading hub of Cushing as refiners shun heavy and higher-sulfur crude for lighter grades that are less expensive to process in refineries. Western Canadian Select’s discount for December to West Texas Intermediate widened to $9 a barrel at Cushing as of Wednesday, the steepest in about […]

Saudi Arabia announces net-zero by 2060

One of the world’s largest oil producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change. The announcement was made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start […]

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