US Oil Output to Hit Record This Year, Helping Counter Saudi Cuts
(Bloomberg) US oil production this year will rise faster than previously expected,...
(Bloomberg) US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast.
Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022.
WTI Midland's addition to dated Brent is reshaping the global oil market in 2023, driving US crude oil...
WTI Midland's addition to dated Brent is reshaping the global oil market in 2023, driving US crude oil exports higher and consequently putting downward pressure on oil prices in Europe, Asia, Brazil, and Africa. "As Midland becomes more and more important in the dated Brent assessment, it has a knock-on effect on other grades having to price themselves lower to compete with WTI Midland," explained Vortexa market analyst Rohit Rathod.
Researchers at the University of California, Santa Barbara, have developed MethaneMapper,...
Researchers at the University of California, Santa Barbara, have developed MethaneMapper, a new AI-based software that allows the detection of methane leaks over vastly different terrains, which has been a roadblock for earlier technologies. The Airborne Visible-Infrared Imaging Spectrometer - Next Generationuses AI to perform the difficult task of sorting the presence of methane emitted by the oil and gas industry from background objects.
Firm sees success in the Bakken with 3-mile laterals
Chord Energy has accelerated well-to-sales...
Chord Energy has accelerated well-to-sales timelines and boosted production by implementing a three-mile lateral program in the Bakken Shale. Notably, three-mile laterals on the company's Indian Hills acreage yielded 36% more production than two-mile laterals, prompting CEO Daniel Brown to emphasize an ongoing commitment to extended lateral drilling practices.
The growing clout of U.S. oil means that any downward change in U.S. production would have an upward effect on global prices and vice versa.https://t.co/krufJkZw8E
