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oil production

Friday Energy Facts: U.S. Refinery Capacity Reaches 18 Million Barrels Per Day

June 26, 2015 by U.S. EIA: Today in Energy

Refinery Capacity Growth

Increased refinery runs—based on increases in both capacity and utilization—have helped accommodate increases in U.S. crude oil production. The United States' capacity to refine crude oil into petroleum products increased by 0.2% in 2014, reaching 18.0 million barrels per calendar day.[read more]

OPEC Crashed the U.S. Rig Count

June 11, 2015 by Robert Rapier
6

OPEC and U.S. Rig Count

Last November, after several months of plummeting crude oil prices, the OPEC met to discuss the oil production quotas for each country in the months ahead. Many expected OPEC to cut production. Instead, OPEC announced that they would continue pumping at the same rate.[read more]

Financial Hedging Helps Some Producers Mitigate Effect of Falling Oil Prices

April 12, 2015 by U.S. EIA: Today in Energy

Oil Prices and Financial Risk

The decline in crude oil prices since last summer has had a direct impact on oil producers' sales revenue, but hedging strategies have lessened the effects of lower prices on some producers' total revenue. Oil producers who adopt hedging strategies can reduce their price risk.[read more]

Energy Quote of the Day: 'We Refuse that OPEC Bears the Responsibility'

April 1, 2015 by Edward Dodge

OPEC, Oil Production, and Prices

Saudi Arabia’s oil minister, Ali al-Naimi, recently said again that OPEC will not take sole responsibility for supporting global oil prices. Since the collapse in oil prices this past year, OPEC has attempted to convince non-OPEC oil producers to cooperate on production and prices, but with little success.[read more]

Oil Price Decline Leads to Lower Tax Revenues in Top Oil-Producing States

March 17, 2015 by U.S. EIA: Today in Energy

Oil Prices, State Revenues

Texas, North Dakota, Alaska, and Oklahoma are four of the five top oil- and natural gas-producing states, and they derive a significant share of their unrestricted operating revenues from taxes on oil and natural gas production. But the decline in spot oil prices has reduced production tax revenues.[read more]

Friday Energy Facts: Oil Production in Federal Gulf of Mexico Expected to Continue Increasing

March 6, 2015 by U.S. EIA: Today in Energy

Gulf Oil Production

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016. EIA projects GOM production to reach 1.52 million barrels per day (bbl/d) in 2015 and 1.61 million bbl/d in 2016.[read more]

Energy Quote of the Day: Handicapping an Opec Oil Production Cut

November 30, 2014 by Jared Anderson
1

Opec Production Cut

Oil market observers will take a break from their Turkey preparations to see whether Opec producers decide to cut oil output in a bid to stabilize prices. The meeting being held in Vienna will be long over by the time folks in the US sit down to Thanksgiving dinner.[read more]

Energy Reform Could Increase Mexico's Long-Term Oil Production by 75%

August 26, 2014 by U.S. EIA: Today in Energy
2

Mexico Energy Production

On August 11, 2014, Mexico's president signed into law new legislation that will open its oil and natural gas markets to foreign direct investment, effectively ending the seventy-five-year-old monopoly of state-owned Petróleos Mexicanos (Pemex).[read more]

Bakken Fuels North Dakota's Oil Production Growth

August 12, 2014 by U.S. EIA: Today in Energy

Bakken and Production Growth

North Dakota crude oil production surpassed 1.0 million barrels per day (bbl/d) in April and May (the latest data available). This record is the result of increasing crude oil production from the Williston Basin's Bakken and Three Forks formations in North Dakota and eastern Montana.[read more]

World Oil Production at 3/31/2014: Where are We Headed?

July 25, 2014 by Gail Tverberg
8

Oil Production and Energy Future

The standard way to make forecasts of almost anything is to look at recent trends and assume that this trend will continue, at least for the next several years. With world oil production, the trend in oil production looks fairly benign, with the trend slightly upward. However, we may be dealing with an unstable situation.[read more]

The Shale 'Revolution' Is About Gas Prices & Oil Production

July 17, 2014 by James Coleman
1

Shale Gas Boom and Effects

I’d like to make a quick point about the “shale revolution,” which may be old news to those immersed in North American energy policy but might be helpful to those just starting to think about the wider implications of increased North American production of oil and gas.[read more]

World Sets New Oil Production and Consumption Records

July 15, 2014 by Robert Rapier
6

Oil Consumption and Production Records

Last month BP released the Statistical Review of World Energy 2014. This report is one of the most comprehensive sources of global and country level statistics on production and consumption of oil, natural gas, coal, nuclear power and renewables.[read more]

Water-Energy Nexus: Common Misconceptions about 'Produced Water' in Oil and Gas Production

June 3, 2014 by Roman Kilisek
1

Water-Energy Nexus

In a recent report titled “Produced Water: Asset or Waste?”, Blythe Lyons, Nonresident Senior Fellow (Energy and Environment Program), addresses water-related issues – in particular the treatment of ‘produced water’- in US oil and gas production as well as concomitant sustainable water strategies.[read more]

Friday Energy Facts: Mexican Energy Reform Seeks to Reverse Decline in Oil Production

May 30, 2014 by U.S. EIA: Today in Energy
1

Mexico Energy Reform

In late 2013, Mexico's congress approved historic legislation that altered the 1938 ban on private sector participation in the Mexican energy sector. These reforms ended the 75-year monopoly of Petroleos Mexicanos (Pemex) and allow for greater foreign investment.[read more]

Canada: From Energy Supplier to Competitor?

January 14, 2014 by Geoffrey Styles
3

In remarks last month the Canadian Natural Resources Minister, Joe Oliver, suggested that with the continued growth of unconventional oil production in the US, "Our only customer will become a competitor." Let's take a look at the kind of competition he might have had in mind.[read more]