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million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin. Among OPEC members, production dipped by 2.1%, equal to 570,000 barrels daily. Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58
million barrels per day (bpd) of new refining capacity by 2050 to meet rising global oil demand, OPEC said in its 2025 World Oil Outlook (WOO) with forecasts through the middle of the century. The world will need as much as 19.5
million barrels per day (bpd) this year, thanks to optimization and efficiency at producing assets, S&P Global Commodity Insights said on Tuesday in its latest outlook. million bpd, up by 5% compared to the 2024… Despite lower oil prices, Canada’s oil sands production is expected to reach an annual all-time high of 3.5
China imported more than 565,000 barrels per day of petrochemical feedstocks from the US in 2024 according to the Energy Information Administration, with a value of over $4.7 That dwarfed the $170 million of rare earths the…
oil production and one fifth of natural gas—declined by more than 50% during the 2022-2024 period as improved operations, better equipment and the utilization of AI and other advanced technologies led to reductions across all observable plume rates (large and small), according to a new analysis by S&P Global Commodity Insights.
million barrels on June 27, the EIA's latest weekly petroleum status report showed. million barrels from the week ending June 20 to the week ending June 27, the U.S. million barrels from the week ending June 20 to the week ending June 27, the U.S. million barrels on June 27, 415.1 million barrels on June 20, and 448.5
(Investing) – Venezuelan state-run PDVSA’s oil sales abroad in 2024 stood at $17.52 PDVSA’s crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results.
million barrels per day of voluntary production cuts, which are separate from the wider OPEC+ strategy. The OPEC logo is displayed on a mobile phone screen in front of a computer screen displaying OPEC icons in Ankara, Turkey, on June 25, 2024. They had been expected to increase their output by a smaller 411,000 barrels per day.
million barrels per day across 2025 and 2026. million barrels per day in 2024. million barrels per day in the third quarter of this year, 13.43 million barrels per day in the fourth quarter, 13.42 million barrels per day in the first quarter of 2026, 13.48 million barrels per day in the second quarter, 13.33
tariffs policy and OPEC+ pumping more barrels, Canada’s oil sands industry finds itself in a position of strength. The company cut the time between turnarounds from 12 to 24 months in 2024, and aims to extend that interval to 48 months in future. shale producers had a break-even price of between $50 and $52 per barrel.
The company broke ground on the construction of the facility in February 2023, with the development of storage facilities and the associated pipeline advancing in February 2024. The terminal itself boasts a storage capacity of 750,000 barrels.
Image by Professor25 via iStock The world’s top oil consumer in 2024 was the U.S., Demand in the country hit 18.995 million barrels per day last year, the report revealed, highlighting that this represented a 0.1 percent of total oil demand in 2024. From 2014 to 2024, U.S. From 2014 to 2024, U.S.
million barrels in the week through June 13, the steepest slide since late June 2024, according to data released Wednesday by the U.S. Robust exports, lower imports and crude inputs just shy of 17 million barrels per day have conspired to cause a massive draw to U.S. (World Oil) – U.S. Oil inventories dropped 11.5
produced 20.135 million barrels of oil per day in 2024. percent of the total oil production in 2024, according to the report, which highlighted that U.S. percent from 2014 to 2024. Saudi Arabia was shown in the report to be second biggest oil producer in the world last year, with 10.856 million barrels per day.
million barrels for the week ending June 27, an oil and gas report sent to Rigzone by the Macquarie team late Monday revealed. million barrels per day),” the Macquarie strategists added in the report. million barrels per day) and imports modestly higher (+0.2 million barrels) this week,” they added.
Initial assessments suggest gas volumes in place could exceed 1 trillion cubic feet, with up to 100 million barrels of associated condensate, Azule Energy said, adding that these results “confirm the presence of a working hydrocarbon system and open new exploration opportunities in the area.”
The offshore oilfield holds more than 11 billion barrels of oil and is one of the fastest-growing oil production regions in the world. oil producer had originally targeted a mid-2024 close for the deal. That deal gave Exxon a bigger position as a shale producer in the top U.S. oilfield, the Permian basin.
Global gas flaring at upstream oil and gas facilities has risen for a second year in a row, according to the World Bank’s annual Global Gas Flaring Tracker Flaring rose by 2% to 151 billion cubic meters (bcm) in 2024, the highest level in almost two decades.
million barrels for the week ending July 4. million barrel build in the prior week, with the crude balance realizing significantly looser than our expectations,” the strategists stated in the report. million barrels per day) and imports down (-0.6 million barrels per day) on a nominal basis,” they added.
million barrels for the week ending July 11. million barrel build in the prior week, with the crude balance again realizing significantly looser than our expectations,” the strategists stated in the report. million barrels per day). million barrels per day) and imports (+0.4 million barrels), a jet build (+0.6
million barrels on July 11, the EIA's latest weekly petroleum status report showed. million barrels from the week ending July 4 to the week ending July 11, the U.S. million barrels on July 11, 426.0 million barrels on July 4, and 440.2 million barrels on July 12, 2024. million barrels on July 11, 403.0
million barrels per day in the second quarter of 2025 to less than 13.3 million b/d in 2024. As a result, we forecast U.S. crude oil production will decline from an all-time high of just over 13.4 million b/d by 2026Q4. On an annual basis, we now forecast crude oil production will average 13.37 million b/d in both 2025 and 2026.”
Stabroek is a highly attractive asset, with 11 billion barrels of oil reserves and production costs of only around $20 a barrel, among the lowest in the world, according to consultancy Rystad Energy. billion barrels, according to LSEG data. rival, the latest move in a decades-long rivalry that has helped shape the U.S.
refinery crude oil processing capacity grew by nearly 40,000 barrels per day in 2024 to 18.4 million bpd, the U.S. Energy Information Administration said on Friday.
(Oil Price) – As if WTI oil prices in the low $60s per barrel aren’t enough to slow production growth at America’s top producing shale basin, the Permian, new guidelines for permitting saltwater disposal wells could raise the costs for operators, especially smaller producers with limited resources.
“We expect ministers will continue the unwinding of the November 2023 tranche of cuts, increasing targets by 411,000 barrels per day for the fourth successive month,” the analysts said in the report. million barrels per day,” they added. million barrels per day in the third quarter of this year and a 0.2
The project, a subsea tieback to the existing Troll C platform, holds estimated recoverable volumes of 116 million barrels of oil equivalent. kilograms of carbon dioxide per barrel of oil equivalent. The production platform has been electrified since 2024, helping lower emissions. It expects the project to start production 2029.
Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. in July, and well below the steep markdowns India enjoyed throughout 2023 and early 2024. That discount is down from $2–$2.50 The reason?
per barrel. The EIA forecasts Brent crude will average $74 per barrel in 2025, down from $80 in 2024, with average gas prices expected to fall to $3.20 Read more In 2024, the United States produced more energy than ever before Summary : In 2024, U.S. million barrels per day, a 2% increase from 2023.
The drop follows a surge in 2024 driven by the Trans Mountain pipeline expansion, which added 600,000 bpd of export capacity and sparked record lease demand. In the Elmworth area of the Montney formation, leases averaged C$1,734 per hectare in 2024—the highest since 2003. billion barrels of NGLs, and 1.13 NuVista Energy Ltd.
Chevron wins Exxon case but loses time, oil and billions Summary : On July 18, Chevron won its arbitration case against Exxon Mobil, allowing its $55 billion acquisition of Hess and its 30% stake in Guyana’s 11-billion-barrel Stabroek block to finally close. now leading the world in LNG exports with over 11 Bcf/d in 2024.
In a virtual meeting held on 5 July, the group cited healthy market fundamentals and a stable global economic outlook as the basis for a 548,000 barrels per day increase in production from July levels. million bpd voluntary cuts initially agreed in April and November 2023, and formally endorsed on 5 December 2024.
million barrels for the week ending July 18. million barrel draw in the prior week, with the crude balance realizing significantly tighter than our expectations,” the strategists said in the report. million barrels per day) and imports down (-0.7 million barrels per day) on a nominal basis,” they added.
million barrels per day in April, according to Monday’s Petroleum Supply Monthly from U.S. million b/d (highest since November 2024). crude oil production reached a record of 13.47 Energy Information Administration. That topped the record of 13.45 million b/d from March. percent to 5.77 percent in the past month to 2.19
million barrels on June 20, the EIA's latest weekly petroleum status report showed. million barrels from the week ending June 13 to the week ending June 20, the U.S. million barrels from the week ending June 13 to the week ending June 20, the U.S. million barrels on June 20, 420.9 million barrels on June 13, and 460.7
million barrels on July 18, the EIA's latest weekly petroleum status report showed. million barrels from the week ending July 11 to the week ending July 18, the U.S. million barrels on July 18, 422.2 million barrels on July 11, and 436.5 million barrels on July 19, 2024. million barrels on July 18, 402.7
The Ahara license, awarded under the North African country’s 2024 bidding round, sits at the “intersection of the prolific Berkine and Illizi Basins”, TotalEnergies said in a press release. square miles) onshore Algeria. France’s TotalEnergies will serve as operator with a 24.5
The deal focuses on high-value properties in the Kakwa region of Alberta, aligning with ARC’s strategy to expand its Montney presence following the September 2024 divestiture of its non-core Montney assets for US$59.2 The company now holds a 50-year 2P reserves life index and plans to grow production to 195,000 barrels per day by 2031.
The company said in a media release production resumed following major site upgrades in 2024 and 2025. In June 2025, Keddington produced a total of 992 barrels of oil over 23 days, with an average of 10.4 hours of pumping per day and a gross flow rate of 43 barrels daily, the company said.
Producers last month also paid $227 million to the state in natural gas production taxes, up 26 percent from May 2024. million barrels per day in the second quarter of 2025. million bpd in 2024, 2 percent more than the previous record set in 2023. Additionally, TIPRO points to recent data from the U.S.
Below we summarize recent (2024–2025) drilling activity, budget allocations, and production volumes in Oklahoma (primarily the Anadarko Basin and related plays) for six companies: Ovintiv , Mach Natural Resources , Devon Energy , Coterra Energy , Continental Resources , and Mewbourne Oil Company. In Q4 2024 , Mach’s production averaged 86.7
the full name of the company, in 2024. Petronas sets its budget based on Brent oil at around $75 to $80 per barrel, Taufik said. Petronas’ net income slid 32% in 2024, following a 21% drop in 2023.
The preliminary reported total volume of crude oil in Texas in March was 121,361,548 barrels, according to the statement, which showed that the preliminary reported total volume of natural gas in the state during the same month was 918.4 The preliminary reported total volume was 120,766,747 barrels, the statement highlighted.
“With an equity production of about 137,000 barrels of oil equivalent per day in 2024, Eni stands as the most important international company operating in the country [Algeria]”, it added. billion cubic meters per year by 2028, with total investments of more than $8 billion”, Eni said.
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