Top Shale Executive Says US Oil Output Gains to Disappoint
U.S. oil output this year is likely to disappoint, with even lower growth possible next year, said Scott...
U.S. oil output this year is likely to disappoint, with even lower growth possible next year, said Scott Sheffield, chief executive of leading shale producer Pioneer Natural Resources.
Oil supply has been thrust into the spotlight by Russia's invasion of Ukraine and sanctions on its oil exports. U.S. shale companies and OPEC have said they cannot pump more oil, pushing up prices. OPEC plans to cut output next month by 100,000 bbl/d.
Sheffield forecasts U.S. oil production will rise around 500,000 bbl/d this year, and next year's gains could fall below that level. His estimate is well below the 800,000 bbl/d projection for 2023 by the U.S. Energy Information Administration.
"There could be more downside," he said on Sept. 7 at Barclays CEO Energy-Power Conference in New York, pointing to supply chain issues, inflation and infrastructure constraints.
Britain's new Prime Minister Liz Truss will on Sept. 8 scrap the country's fracking ban and will seek...
Britain's new Prime Minister Liz Truss will on Sept. 8 scrap the country's fracking ban and will seek to make more use of North Sea reserves, the Telegraph newspaper reported.
The reported moves are part of what her office said will be a "bold plan of action" to support households and businesses with soaring energy bills while also seeking to boost the domestic energy supply.
Commonwealth LNG's proposed project in Louisiana and Delfin Midstream's planned floating export terminal...
Commonwealth LNG's proposed project in Louisiana and Delfin Midstream's planned floating export terminal off the Louisiana coast are moving forward after spending years on the back burner. Commonwealth LNG has reached a 20-year agreement to sell up to 2.75 million short tons per year of LNG to Australia's Woodside Energy, while Delfin has entered into a nonbinding deal with Devon Energy for up to 2.2 million short tons per year of offtake capacity and potential equity investment.
Oil prices rose by as much as $1 per barrel on Sept. 8 after dropping below key technical support levels...
Oil prices rose by as much as $1 per barrel on Sept. 8 after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.
Brent crude futures gained 63 cents, or 0.7%, to $88.63/bbl by 6:28 GMT after closing at their lowest since early February in the previous session. U.S. crude futures were up 70 cents, or 0.9%, at $82.64/bbl.
Prices drew support from Russian President Vladimir Putin's threat to halt the country's oil and gas exports if price caps are imposed by European buyers.
The American Petroleum Institute (API) reported a build this week...
The American Petroleum Institute (API) reported a build this week for crude oil of 3.645 million barrels, while analysts predicted a draw of 733,000 barrels.
The build comes as the Department of Energy released 7.5 million barrels from the Strategic Petroleum Reserves in the week ending September 2, leaving the SPR with just 442.5 million barrels.
In the week prior, the API reported a build in crude oil inventories of 593,000 barrels after analysts had predicted a draw of 633,000 barrels.
