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Montevideo, April 17th 2024 - 12:58 UTC

Tag: US oil production

  • Wednesday, March 13th 2024 - 06:40 UTC

    US for the sixth year running has been the world's main crude oil producer

    In 2023, U.S., Saudi Arabia and Russia were responsible for 40% (32.8 million bpd) of the world’s crude oil output, followed by Canada, Iraq and China. 

    The United States in 2023, for the sixth year running has been the world's main crude oil producer produced more crude oil than any other country in 2023, with an average output of 12.9 million bpd, according to the Energy Information Administration (EIA). 

  • Monday, March 5th 2018 - 08:25 UTC

    Beware: OPEC and US shale industry scheduled to meet and share dinner in Houston

    OPEC Secretary General Mohammad Barkindo and other OPEC officials are expected to hold a dinner on Monday with U.S. shale firms on the sidelines of the conference.

    Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.

  • Wednesday, February 14th 2018 - 16:28 UTC

    Clean Oil That Only Costs $20

    If there's one big reason for the U.S. energy revolution, it's that new technology has allowed American companies to beat the competition

    The United States is in the midst of an energy revolution.

    Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies.

  • Thursday, May 14th 2015 - 08:17 UTC

    Saudi Arabia continues to turn screws on U.S. Shale

    Saudi Arabia has increased production by 700,000 barrels per day since the fourth quarter of 2014 in an effort maintain market share

    Saudi Arabia continues to ratchet up production, taking market share away from U.S. shale producers. According to OPEC's latest monthly oil report, Saudi Arabia boosted its oil output to 10.31 million barrels per day in April, a slight increase over the previous month's total of 10.29 million barrels.

  • Saturday, April 25th 2015 - 06:33 UTC

    Oil price war may benefit both US Shale and Saudi Arabia

    After the oil price crash in 1985, it took almost twenty years for prices to revert to previous levels; this could mean oil does not return to $100 a barrel until 2035

    Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?

  • Thursday, January 22nd 2015 - 11:36 UTC

    Oil price collapse hurting some more than others

    With weak demand, drillers can negotiate down rig prices. This leads to lower costs, helping drillers stay in the game.

    U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending.

  • Tuesday, January 6th 2015 - 07:41 UTC

    US oil price falls below 50 dollars threshold, and markets decline sharply

    US oil production has soared recently, as fracking has revolutionized oil production in the country

    The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05. The price of Brent crude also fell on Monday, dipping 6% to $53 a barrel.