Daily News

Energy Department warns that oil drillers are leaving Texas amid pipeline woes

The Energy Department says a lack of pipelines is beginning to drive oil companies out of the big shale region known as the Permian Basin, as they focus investment in regions where the oil is easier to get to market. The Energy Information Administration released its latest weekly oil analysis on Wednesday, focused on the […]

By September 20, 2018 0 Comments Read More →

North Dakota Oil Production Soars to Record High in July

As per North Dakota’s oil regulator, the state’s daily crude output rose 3.4% in July after edging down 1.6% in the previous month. The North Dakota Department of Mineral Resources’ (‘DMR’) latest data said that oil production in July averaged a record 1,269,366 barrels a day, up 42,046 barrels a day from June. To put […]

By September 20, 2018 0 Comments Read More →

Oil Prices Inch Higher On Crude, Gasoline Draw

After API’s latest surprise inventory build pressured oil prices, the Energy Information Administration cheered the market up by refuting the build and reporting instead yet another weekly draw, of 2.1 million barrels for the week to September 14. Last week, the authority estimated crude oil inventories had fallen by another 5.3 million barrels, indicating that […]

By September 20, 2018 0 Comments Read More →

Why Oil Markets Can’t Escape OPEC, Russian Influence

OPEC members and their Russia-led non-OPEC allies have yet to decide how to share the 1 million bpd production boost they pledged in June. when they saw the market started to tighten too quickly which pushed oil prices to $80 a barrel—potentially ringing in the beginning of demand destruction. At a meeting this weekend in […]

By September 20, 2018 0 Comments Read More →

Russia oil production jumps to new post-Soviet record

Russia’s crude production has jumped to a new post-Soviet record, boosting the nation’s budget revenue as it prepares for talks with OPEC+ on further cooperation, according to a government official. The country’s oil output is currently fluctuating between 1.54 million and 1.55 million tons a day — driven mainly by state-run giant Rosneft PJSC — […]

By September 20, 2018 0 Comments Read More →

Trump: OPEC nations should lower oil prices in exchange for US protection

President Trump said Thursday that Middle East countries should help push oil prices lower for the U.S., because the U.S. helps to protect nations in that region of the world. “We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for […]

By September 20, 2018 0 Comments Read More →

Energy Department warns that oil drillers are leaving Texas amid pipeline woes

The Energy Department says a lack of pipelines is beginning to drive oil companies out of the big shale region known as the Permian Basin, as they focus investment in regions where the oil is easier to get to market. The Energy Information Administration released its latest weekly oil analysis on Wednesday, focused on the […]

By September 20, 2018 0 Comments Read More →

BP targets Texas for American comeback

At the beginning of this century, the British energy company BP achieved its own American dream, becoming the largest oil and gas producer in the United States after spending a combined $75 billion to buy the oil companies Amoco and ARCO in audacious back-to-back deals. The future looked bright — but it didn’t last. A […]

By September 20, 2018 0 Comments Read More →

U.S. Shale Oil Production Beats Estimates Again

Crude oil production in the U.S. shale patch will hit 7.59 million bpd next month, the Energy Information Administration said in its latest Drilling Productivity Report. This is 79,000 bpd more than this month’s estimated production. The biggest increase, once again, will come from the Permian, where producers will add 31,000 bpd to overall daily […]

By September 19, 2018 0 Comments Read More →

Russia Inks Huge Deal With World’s Top LNG Importer

Russian state-run gas giant Gazprom and Tokyo-based conglomerate Mitsui & Co. inked a memorandum of understanding (MOU) on liquefied natural gas (LNG) development last week. The MOU was signed during a meeting between Gazprom CEO Alexei Miller and Mitsui Chairman Masami Iijima during the Eastern Economic Forum being held in Vladivostok, Russia. The deal includes […]

By September 19, 2018 0 Comments Read More →