U.S. crude oil production reached an all-time high in August 2023, according to a Jan. 23 report published by the U.S. Energy Information Administration. The increase in production can be attributed to higher output in Texas. The state has primarily been producing relatively dense crude oil throughout 2023. Oil production in Texas, which has remained…...
The U.S. Environmental Protection Agency on Jan. 12 proposed measures to reduce wasteful methane emissions in the oil and gas sector in accordance with the 2022 Inflation Reduction Act, or IRA. The proposed rule involves imposing charges on significant emitters that exceed emissions intensity levels established by Congress. In December, the agency issued New Source…...
Fifty companies, representing over 40 percent of global oil production have committed to near-zero methane emissions and end routine flaring by 2030 under the Oil and Gas Decarbonization Charter (OGDC) launched at the 28th Conference of the Parties to the U.N. Framework Convention on Climate Change. The charter is part of series of initiatives launched…...
During the first half of this year, northbound crude oil flows through the Suez Canal and the SUMED pipeline rose by over 60 percent from 2020, due to an uptick in demand from Europe and the U.S. following the COVID-19 pandemic induced lows, according to a Dec. 4 report from the U.S. Energy Information Administration…....
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 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 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…...