INDUSTRY NEWS
New Mexico’s Record Oil Output To Generate $3.5 Billion Budget Surplus
New Mexico, home to part of the Permian basin, saw the highest crude oil production growth of any U.S. state last year, with output gains of 300,000 barrels per day (bpd) accounting for half of America’s oil production increase, the Energy Information Administration (EIA) said in a report earlier this year.
Texas will bill electric vehicle drivers an extra $200 a year
Earlier this year, state lawmakers passed Senate Bill 505, which requires electric vehicle owners to pay the fee when they register a vehicle or renew their registration. It’s being imposed because lawmakers said EV drivers weren’t paying their fair share into a fund that helps cover road construction and repairs across Texas.
US energy firm payouts to oil investors top exploration spending for first time
The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S. energy companies have been focused on regaining favor with investors after years of overspending on production growth hurt returns and put them in the doghouse.
Natural Gas Drives Permian Pipeline Growth
Most of the natural gas produced out of the Permian is associated gas, meaning it is gas produced from oil wells, rather than dedicated gas wells. Since 2013, natural gas production in the Permian basin has more than quadrupled from 5 billion cubic feet per day (Bcf/d) on average to more than 20 Bcf/d today. Over time, production from the Permian is projected to get gassier.
China Has Approved More Than 50 Gigawatts Of New Coal Power
Last year, China emerged as the world’s clean energy champ, with the country accounting for $546 billion, or nearly half, of the $1.1 trillion that flowed into the sector as countries everywhere rushed to beef up their energy security. But those mammoth investments will do little to change China’s tag as the planet’s biggest polluter, if the country’s fossil fuel investments are any indication.
Recycling Breakthrough Makes Plastic Waste A High Value Commodity
In the end, only about 9 percent of plastic in the United States is ever reused, often in low-value products. With a new technique, however, University of Wisconsin-Madison chemical engineers are turning low-value waste plastic into high-value products.
Oil’s Push Toward $90 Gets Lift from Physical Markets Everywhere
s headline oil prices edge ever closer to $90 a barrel, there’s little sign of a let up in the day-to-day demand that’s underpinned the rally.
Oil exports to U.S. from Iraq soar 30.5% in first half of 2023
Data from the EIA shows America exceeded double-digit imports from Iraq each of the first five months of 2023, which hasn’t happened since 2018, when the five-month average was over 20,800 barrels per month.
OPEC Data Suggest 2MM Barrel Per Day Oil Supply Deficit
The Saudis will maintain the cut this month and next as planned, meaning OPEC’s production could average the current rate about 27.3 million barrels a day for the whole quarter. That’s about 2.26 million a day less than consumers require, potentially resulting in the steepest inventory decline in two years, OPEC data suggest.
ERCOT Sets New All Time Peak Demand Record
ERCOT manages the flow of electric power to more than 26 million Texas customers, representing about 90 percent of the state’s electric load, the organization’s site notes, adding that it schedules power on an electric grid that connects more than 52,700 miles of transmission lines and 1,100 generation units, including private use networks.
Will Oil Prices Hit $100 By Year’s End?
OPEC's reduced oil production, driven by Saudi Arabia's voluntary cuts and a suspension at Nigeria's Forcados terminal, has resulted in rising oil prices, with Brent exceeding $85 per barrel and WTI nearing $82 per barrel.
BMI Reveals Latest Brent Oil Price Forecasts
According to the report, BMI now projects that Brent will average $80 per barrel this year, $83 per barrel in both 2024 and 2025, and $80 per barrel in both 2026 and 2027.
Oil Prices Jump As Saudi Arabia Extends Oil Production Cut
The Saudi extension was largely expected by the market and traders. The announcement comes a day ahead of a regular meeting of the Joint Ministerial Monitoring Committee of the OPEC+ group, which regularly discusses the situation on the market and the need for OPEC+ intervention. The panel is not expected to change the OPEC+ production policy.
US pulls back offer to buy 6 million barrels of oil for emergency reserve
The Biden administration has pulled an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, an Energy Department spokesperson said on Tuesday, as oil prices are expected to keep rising after a output cut from Saudi Arabia.
Saudi Arabia Is Cooking Up A Surprise For The Oil Markets
The unilateral production cut presented by Saudi Energy Minister Prince Abdulaziz bin Salman, which was extended during the recent OPEC+ meeting, is now showing negative consequences.
Who Were the Biggest Oil Producers and Consumers in 2022?
According to the latest statistical review of world energy, which was published by the Energy Institute (EI) recently, the U.S. was the biggest oil producer last year with 17.770 million barrels per day.
Supreme Court grants request to lift block on Mountain Valley Pipeline
In the June deal to lift the federal debt ceiling, Congress included approval of the pipeline, a longtime priority of Sen. Joe Manchin (D-W.Va.), and transferred jurisdiction from the Fourth Circuit to the federal Court of Appeals in Washington, D.C.
Oil Ignores Fed Hike As WTI Hits $80
Analysts had long warned speculators that the oil markets had already priced in a fed rate hike—a move that typically sends crude oil prices lower on propects of economic slowdown and decreased oil demand.
USA Bill Wants Environment Agency to Control Fracking
The FRAC Act is among five legal proposals introduced before the lower house last week to address environmental and health risks from fracking, which commonly involves injecting chemicals underneath the ground to free up oil or gas.
Navajo Nation leader says Biden, AOC energy policies cripple tribe’s economy
Delora Hesuse, a Nageezi Chapter Navajo who lives within the 10-mile buffer, said in a hearing last week that "this is hugely important because our area is very poor and families still do not have electricity or running water. Our elderly rely on this money to feed their children and livestock.”