Week Ahead: DOE’s Interconnection Roadmap, CT’s Energy Storage Solutions, CO Discusses Pilot Programs
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U.S. Interior Delays Gulf of Mexico Oil and Gas Lease Sale
The Bureau of Ocean Energy Management on Nov. 2 announced that it is postponing Gulf of Mexico Lease Sale 261, which was originally planned for Sept. 27 and then rescheduled for Nov. 8 in response to court orders. Last month, the bureau announced that Lease Sale 261 will be held on Nov. 8 pursuant a…...
Gasoline Crack Spread Decreases Amid Low U.S. Demand: EIA
Gasoline production has become less profitable due to low demand and the shift to winter-grade gasoline, according to a Nov. 1 report from the U.S. Energy Information Administration. As a result, the difference between gasoline blendstock and crude oil prices dropped to multiyear lows in October 2023. The difference in price between a wholesale petroleum…...
Venezuela’s Heavy Crude Oil Production Growth to be Limited Despite U.S. Sanctions Relief: EIA
Venezuela’s crude oil production growth is projected to be less than 200,000 barrels per day (b/d) by the end of 2024, despite the U.S temporarily lifting most of the sanctions on the country’s energy sector, according to an Oct. 23 report from the U.S. Energy Information Administration. Years of mismanagement and a lack of investment…...
U.S. Crude Oil Exports at Record High During First Six Months of 2023: EIA
U.S. crude oil exports reached a record 3.99 million barrels per day (b/d) during the first six months of 2023, up 650,000 b/d compared to the same period in 2022, according to an Oct. 10 report issued by the U.S. Energy Information Administration. U.S. crude oil exports during the period were at their highest levels…...
Sour Crude Oil Prices Rise Amid OPEC+ Production Cuts: EIA
Medium, sour and heavy, sour grades of crude oil prices have increased on the back of crude oil production cuts among OPEC+ producers, according to a Sept. 25 report by the U.S. Energy Information Administration. OPEC+ members in June 2023, stated they would persist with crude oil production reductions through 2024, curbing crude oil supplies,…...
China Imported Record Volumes of Crude Oil During First Six Months Of 2023: EIA
China imported record volumes of crude oil during the first six months of 2023, according to an Sep.18 report from the U.S. Energy Information Administration. During the first half of 2023, China imported an average of 11.4 million barrels of crude oil per day, a 12 percent increase compared to the same period last year. …...
U.S. Interior Department to Offer 67 Million Acres in Gulf of Mexico Oil, Gas Lease Sale
The Bureau of Ocean Energy Management will hold Gulf of Mexico oil and gas Lease Sale 261 on Sept. 27, 2023, according to a notice issued on Aug. 25. The sale will offer about 12,395 blocks on about 67 million acres on the U.S. Outer Continental Shelf in the Western, Central, and Eastern Planning Areas…...
Energy Trade Between U.S. and Canada Reaches Record High During 2022: EIA
The value of energy transacted between the U.S. and Canada reached a record high in 2022, exceeding the previous record high in 2008, according to an Aug. 14 report from the U.S. Energy Information Administration. The increase in the value during 2022, can be attributed to high energy commodity prices. Trade value consists of both…...
Capital Expenditure by Public U.S. Oil Companies Higher in Q1 2023: EIA
Data collected by the U.S. Energy Information Administration shows that during the first quarter of 2023 capital expenditure for 40 publicly traded U.S. oil exploration and production companies increased compared to the fourth quarter of 2022. The data also shows that cash from operations declined during the first quarter of 2023, compared to the previous…...