News Gist .News

Articles | Politics | Finance | Stocks | Crypto | AI | Technology | Science | Gaming | PC Hardware | Laptops | Smartphones | Archive

Us Oil and Gas Production Hit Record High in December

U.S. crude oil and natural gas output set records in December, with crude oil production reaching 13.491 million barrels per day (bpd) and gross natural gas production at a record 118.5 billion cubic feet per day (bcfd). The increase in production was driven by higher output from the Federal Offshore Gulf of Mexico region and Texas, which saw significant gains despite some regional constraints. This surge in output has implications for the global energy market and could impact prices.

See Also

Kazakhstan Boosts Oil Output to Record High Δ1.83

Kazakhstan raised crude oil and gas condensate production in February to a record high of 2.12 million barrels per day, exceeding its quota within the OPEC+ group of oil producers. This surge follows previous months of output increases, despite efforts to cut production under the Organisation of the Petroleum Exporting Countries' deal. The country's energy ministry has not commented on the latest production figures.

Kazakhstan Boosts Oil Output to Record High Amid OPEC+ Deal Δ1.81

Kazakhstan raised crude oil production in February by 13% from January, exceeding its quota for the second month in a row, to a record high of 2.12 million barrels per day, according to a source familiar with official statistics. The country's persistence in exceeding output quotas has sparked concerns about its compliance with the production-curbing deal struck by OPEC+ nations. Despite this, Kazakhstan is boosting oil production at its Chevron-led Tengiz oilfield, where production increased last month due to maintenance and expansion work.

Oil Little Changed as Uncertainty over Ukraine, Global Growth Looms Δ1.80

Oil edged up on Monday as upbeat manufacturing data from China, the world's biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential U.S. tariffs loomed. Brent crude climbed 19 cents, or 0.3%, to $73.00 a barrel by 0720 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, up 19 cents, or 0.3%. China's manufacturing activity expanded at the fastest pace in three months in February as new orders and higher purchase volumes led to a solid rise in production.

Oil Little Changed as Uncertainty over Ukraine, Global Growth Looms Δ1.79

Oil edged up on Monday as upbeat manufacturing data from China, the world's biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential U.S. tariffs loomed. Brent crude climbed 19 cents, or 0.3%, to $73.00 a barrel by 0720 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, up 19 cents, or 0.3%. China's manufacturing activity expanded at the fastest pace in three months in February as new orders and higher purchase volumes led to a solid rise in production.

Us Drillers Add Oil and Gas Rigs for Fifth Week in a Row Δ1.78

U.S. energy firms have added oil and natural gas rigs for the fifth consecutive week, according to Baker Hughes, marking the first time since May 2022 that this has occurred. This increase is largely driven by higher oil prices, which are encouraging companies to boost production. However, despite the recent surge in rig counts, total oil and gas rigs remain down 36 from last year.

OPEC's Oil Output Soars Ahead of Planned Revival Δ1.78

OPEC's crude production has reached its highest level in over a year, driven by gains from Iraq, Venezuela, and the United Arab Emirates. The organization is planning to revive its supply cuts, but delegates are considering delaying the restart due to faltering consumption in China and increased output from the US, Guyana, and Canada. As OPEC's production increases, the group's discipline has shown signs of weakening.

OPEC+ to Proceed with Planned April Oil Output Hike. Δ1.77

OPEC+ has decided to proceed with a planned April oil output increase despite uncertainty surrounding U.S. sanctions on large oil producers Iran, Russia and Venezuela as well as U.S. tariffs on China that could reduce demand. The group agreed to raise output by 138,000 barrels per day in April, the first such increase since 2022 from OPEC+. Oil prices have been trading in a range of $70-$82 a barrel in recent weeks.

US Crude Exports to India Hit over 2-Yr High in Feb as Russia Sanctions Bite Δ1.77

U.S. exports of crude oil to India surged to their highest in over two years in February, driven by refiners seeking alternative supplies following tighter U.S. sanctions on Russian producers and tankers. The country's third-biggest oil importer and consumer is now diversifying its crude supplies, particularly light-sweet barrels, as a result. This shift underscores the growing importance of India as a market for U.S. crude exports.

Global Commodity Markets Set for Shift as Oil Supplies Rise and Prices Fall Δ1.77

Oil supplies are on the way up, with prices dropping below $70 a barrel, giving little incentive for US shale drillers to increase production. The increasing output of President Donald Trump's America is expected to have a lasting impact on global energy markets, but its effects will depend on how long this period of influence can last. As the industry adjusts to new dynamics, companies are also navigating changing commodity prices and trade policies that could affect the market.

Oil Prices Climb From Multi-Year Low, Tariff Concerns and Rising Supply Weigh Δ1.76

Oil prices rose on Thursday after heavy sell-offs drove the market to a multi-year low, however tariff uncertainties and a rising supply outlook capped gains. Brent futures were trading up 50 cents, or 0.72%, at $69.80 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude (WTI) futures climbed 48 cents, or 0.72%, to $66.79 a barrel.

Oil Settles Down More Than 2% After US Crude Stocks Build, OPEC+ Hike, US Tariffs Δ1.76

Oil prices have experienced a decline for the fourth consecutive session, influenced by a larger-than-expected build in U.S. crude stockpiles and concerns over OPEC+'s decision to increase output. Brent crude settled at $69.30 per barrel, while U.S. West Texas Intermediate dropped to $66.31, both touching multi-year lows earlier in the session. The combined impact of rising inventories and U.S. tariffs on Canada, China, and Mexico has heightened fears of a slowdown in energy demand.

US Crude Exports to India Hit Over 2-Yr High in Feb as Russia Sanctions Bite Δ1.76

US crude exports to India last month climbed to their highest in over two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter US sanctions on Russian producers and tankers. The jump in exports to India underscores how multiple rounds of sanctions imposed by Washington on ships and entities dealing with oil from Iran and Russia since October are disrupting trade with major importers of their oil. Indian refiners are trying to diversify their crude supplies, especially light-sweet barrels, as they seek to reduce dependence on Russian oil.

Oil Up, But Off Highs as Trump Warns New Russia Sanctions Possible Δ1.75

Oil prices experienced a rise on Friday but settled lower from earlier session highs following U.S. President Donald Trump's warning of potential sanctions on Russia related to the ongoing conflict in Ukraine. Brent crude futures closed at $70.36 a barrel, while West Texas Intermediate futures finished at $67.04, both reflecting a significant decline over the week, primarily due to trade war risks and an anticipated increase in OPEC+ supply. The market remains volatile as traders navigate geopolitical tensions alongside domestic economic indicators that signal uncertainty in the oil sector.

Oil Steady as Tariff Uncertainty Keeps Investors on Edge Δ1.75

Oil prices held steady on Monday as concern over the impact of U.S. import tariffs on global economic growth and fuel demand, as well as rising output from OPEC+ producers, cooled investor appetite for riskier assets. Brent crude was down 11 cents at $70.25 a barrel by 0856 GMT. The ongoing tariff uncertainty has created market volatility, with oil prices experiencing their seventh consecutive weekly loss.

Oil Settles Down More Than 2% After US Crude Stocks Build, OPEC+ Hike, US Tariffs Δ1.75

Oil prices have declined for a fourth consecutive session as U.S. crude stockpiles reported a larger-than-expected increase, exacerbating investor concerns regarding OPEC+ output plans and U.S. tariffs on Canada and China. Brent crude futures fell to their lowest level since December 2021, while West Texas Intermediate crude reached its lowest since May 2023, reflecting broader market anxieties about economic growth and energy demand. The situation is compounded by geopolitical tensions and OPEC+'s decision to gradually increase output, raising uncertainty about future price stability.

Oil Prices Plummet as OPEC+ and US Tariffs Take Effect Δ1.74

OPEC+'s decision to increase oil output and the introduction of U.S. tariffs are driving down oil prices, with Brent futures falling $1.05 or 1.5% to $70.57 a barrel by 1133 GMT. The move is also linked to President Trump's pause on military aid to Ukraine, which may lead to sanctions relief for Russia and more oil supply returning to the market. China has swiftly retaliated with tariffs on US products, adding pressure to the already volatile global energy market.

Goldman Sees Downside Risks to 2025-2026 Brent Forecasts Amid OPEC+ Output Increase Δ1.74

Goldman Sachs' forecast for Brent oil prices has come under scrutiny due to the unexpected announcement from OPEC+, which is set to begin increasing oil production in April. The bank had initially predicted a four-month period of increases starting in July, but now sees downside risks due to softer demand and potential tariff escalation. As a result, Goldman Sachs estimates that Brent oil could drop to the low-to-mid $60s by end-2026.

Canada's Oil Industry in Peril Under Trump's Tariffs Threat Δ1.74

Canada's oilfield drilling and services sector is already showing signs of slowing due to U.S. President Donald Trump's threatened tariffs, triggering fears that an expected industry rebound could stall if such levies go forward. The Canadian drilling sector collapsed between 2014 and 2020 due to sustained low oil prices and reduced production during the COVID-19 pandemic. Activity has improved since 2020, but Trump's threat to impose a 10% tariff on the 4 million barrels per day (bpd) of Canadian crude imported into the U.S. could upend that, industry representatives said.

Us Tariff Threats Slam Oil Prices Down Δ1.73

Oil posted its largest monthly loss since September as escalating tariff threats from President Trump reduced investors' risk appetite, strengthened the dollar, and clouded the outlook for energy demand. The US relies heavily on oil imports from Canada and Mexico to feed its refineries, which could raise oil costs if tariffs are imposed. Meanwhile, higher charges on all other goods pose risks to economic growth and consumer confidence.

U.S. Cash Crude - Differentials Hold Strong Δ1.73

U.S. cash crude differentials remained strong on Thursday due to falling inventories and thin trade, despite an industry event that typically disrupts supply chains. The current tight market conditions are expected to continue for several weeks, benefiting producers and suppliers in the sector. However, some analysts warn of potential cracks in the market structure as traders adjust to new supply dynamics.

Oil Posts Weekly Loss Amid Supply Boost, Tariff Uncertainty Δ1.73

Oil prices posted a weekly loss amid efforts to end the war in Ukraine and tariff uncertainty. The Organization of Petroleum Exporting Countries' decision to increase production in April has raised concerns about a potential supply boost, while US tariffs on Russia's trading partners have sparked fears of a trade war. Despite President Trump's threat of further sanctions against Russia, oil prices remained below $70 per barrel at the end of the week.

Oil Steadies Despite China Weakness as Dip May Have Gone Too Far Δ1.73

Oil has regained some ground after plummeting to a 10-month low last week, as traders weighed weak Chinese data against signs that prices may have fallen too far. Crude prices are still down about 15% from their mid-January peak, but the recent dip seems to have found some support with sellers struggling to establish momentum below $70. The mood remains bearish, however, with speculators cutting net-bullish bets on global benchmark Brent by the most since July.

US Approves LNG Export Extension for Golden Pass Δ1.72

The U.S. Department of Energy has extended the permit for liquefied natural gas exports from the Golden Pass LNG project, a joint venture between QatarEnergy and ExxonMobil, allowing exports to commence by March 31, 2027. This $10 billion project, under construction in Texas, aims to begin producing LNG by late 2025 and will become the ninth-largest export terminal in the U.S. once operational, reflecting the growing demand for LNG in Asia and Europe amidst geopolitical shifts in energy supply.

Oil Prices Plummet on Trump Tariff Concerns Δ1.72

Oil prices are down over 1% on Friday and were headed for their first monthly drop since November, as markets braced for Washington's tariff threats and Iraq's decision to resume oil exports from the Kurdistan region. Uncertainty surrounding OPEC's production resumption plans in April and ongoing peace talks to end the war in Ukraine also weighed on investor sentiment. The more active May Brent crude futures slipped 88 cents, or 1.20%, to $72.69 a barrel by 1212 GMT.