While precise crude oil production figures are not available, 20% of lower 48 US natural gas production has been shut-in in the first half of February. An equivalent 20% cut in lower 48 US crude oil production would imply a production drop of around 2 – 2.2 million bpd of output, but this could prove to be even higher – perhaps as high as 4 million bpd.
Oil prices have jumped as the extreme cold weather the US is experiencing is impacting oil production, but refinery outages are limiting the price ascent.
Oil prices have jumped again as cold weather causes US supply growth slowdown, in addition to an overall bullish market sentiment.
Oil prices rose on Friday, supported by Saudi Aramco’s selling prices and an overall market confidence that storage draws and tight OPEC+ supply inspire. But a correction may soon be due.
Improving commercial models which support cost reduction whilst incentivising the supply chain could re-energise collaborative culture, according to the findings of the annual Deloitte and OGUK Collaboration Report.
Greg Bannec, Victaulic, explains how Crestwood Midstream Partners streamlined construction of a new saltwater disposal facility with prefabrication and HDPE solutions.
Wood Mackenzie has outlined three themes that will impact oil markets and refining in 2021.
According to new research by DNV GL, the oil and gas sector is expected to boost investment in green and decarbonised energy, with long term transformation and wider reshaping of the industry to follow.
Oil prices declined on Friday as a cocktail of bearish news hit the market. A rise in China’s Covid-19 infections, reported storage builds in the US and news that Iran has boosted exports are pushing prices lower.
Oil prices have fallen today over concerns about reported rising US oil storage levels and China adding travel restrictions.
API has issued a statement confirming that it stands ready to work with President Joe Biden and his administration.
Oil prices have risen on enthusiasm about a new policy era in the US and on anticipation for a decline in crude inventories.
The IEA has revised down its forecast for global oil demand by 0.6 million bpd for 1Q21 and 0.3 million bpd for 2021 as a whole.
As Joe Biden’s inauguration approaches, Wood Mackenzie experts share how his administration could impact trade, climate change goals, and changes to the energy sector in Asia Pacific.
Oil prices are steady after early losses, as traders put hopes on China’s economy, a positive note against renewed Covid-19 concerns.