Crude oil inventories in the United States fell this week by 6.490 million barrels for the week ending May 17, according to The American Petroleum Institute (API).  For the week prior, the API reported a 2.48 million barrel hike in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum...

Midstream companies are benefiting from the Permian gas problem. The Permian basin has been the driver of growth in shale output for a number of years now, adding about 4-mm BOPD and 18 BCFD of gas to its output. Other key shale oil basins - notably the Eagle Ford and the Bakken, have fallen off their 2014 highs for oil production. Today we are producing...

As OPEC+ members are discussing their production policy for the rest of 2024, the group has also re-opened a debate over each producer's capacity to pump oil. These oil production capacities will become the basis for any output quotas under the OPEC+ deal for 2025, which has prompted several producers to push for higher estimates of their capacity. ...

Iran will soon launch 32 oil industry projects worth a total investment of $4.6 billion, Iranian Petroleum Minister Jawad Owji said on Wednesday. Iran has also begun work on 50 new oil projects worth a total of over $50 billion, Iranian media quoted Owji as saying. Since 2021, Iran has boosted its oil production by 60%, the oil minister said earlier...

Over the past two years, Europe has rapidly distanced itself from Russia’s energy commodities in protest to Russia’s war in Ukraine. The European Union’s embargo on the import of crude oil from Russia came into force in December 2022, followed by an embargo on oil products (including petrol and diesel) in February 2023. Meanwhile, natural gas imports fell...

China this week released policy updates for the energy sector that would allow wind and solar generators in “resource-rich areas” to curtail twice what they can curtail now in order to keep the low-carbon energy ball rolling. Curtailment is a term used for those periods during the day when wind or solar electricity output is so high that it cannot be...