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Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in line with analyst predictions and relatively healthy oil prices.
Now published by the Energy Institute in collaboration with KPMG and Kearney, the 2025 edition—reflecting full-year 2024 data—reveals that global oil production and consumption remained relatively steady, but there are meaningful shifts underway.
Despite lower oil prices, Canada’s oil sands production is expected to reach an annual all-time high of 3.5 Output from Canada’s oil sands will continue to rise beyond this year, according to S&P Global Commodity Insights’ 10-year production outlook. million bpd, up by 5% compared to the 2024…
Russia saw its revenues from oil and gas for the budget crash by 33.7% For June, total budget revenues from oil and gas dipped to $6.3 For June, total budget revenues from oil and gas dipped to $6.3 Revenues for the first half of the year also fell compared to the same period of 2024. billion (494.8 billion (494.8
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. India, Other Asia, the Middle East, and Africa are set to be the primary sources of long-term oil demand growth. Combined demand…
Hedge funds last week sold off stocks of energy companies at the quickest pace in 10 months as oil prices slumped following the announcement of a ceasefire in the 12-day Iran-Israel war. Last week’s selloff was at the fastest pace since September 2024 and at the second-fastest pace in ten years, according to the U.S.
crude oil production from onshore federal lands hit a record 1.7 million barrels per day (bpd) in 2024, according to the EIA and the Department of the Interior. That’s a sixfold jump since 2008—far outpacing the broader rise in national crude output, which nearly tripled to 13.2 million bpd over the same period. The driver?
The combined net profits of Russia’s oil and gas companies nearly halved in the first quarter from a year earlier, while petroleum revenues for the budget have been falling with the decline in oil prices in recent months. The net profits of the Russian oil and gas firms slumped to $9.9 The drop in oil prices,…
Energy Generation by Source, 1950–2024 As seen in the video above, natural gas has experienced the most significant growth—rising from just 6.2 in 2024—making it the leading energy source in recent years, surpassing both coal and oil. quadrillion BTUs in 1950 to 39.2 Coal use peaked between 2000 and 2005 but has since…
(Investing) – Venezuelan state-run PDVSA’s oil sales abroad in 2024 stood at $17.52 Venezuela has some of the world’s largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S. The licenses to U.S. and European refineries.
(World Oil) – The methane intensity of oil and gas production in the Permian basin—an area responsible for half of U.S. World Oil) – The methane intensity of oil and gas production in the Permian basin—an area responsible for half of U.S. Absolute annual 2024 methane emissions decreased by 21.3
billion) for the fiscal year 2024-2025 that ended in March, as Nate Horner, the finance minister of Canada’s oil-producing province, prepares to deliver the year-end fiscal update later on Friday. Alberta expects to have booked a budget surplus of about US$4.2 billion (C$5.8 billion (C$5.2
(BOE Report) – Giant shovels, driverless trucks and a dog-like robot have all helped Canada’s oil sands companies including Imperial Oil and Suncor become some of North America’s lowest-cost oil producers, driving down overheads even as the worst inflation in a generation pushed U.S. shale costs up. tariff threats.
AUSTIN, Texas (June 25, 2025) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released its annual list of the most prolific 100 private oil and gas producers in the U.S. based on gross operated production, well count and rig movements across last year. Learn more at Enverus.com.
(Oil Price) – U.S. crude oil production from onshore federal lands hit a record 1.7 million barrels per day (bpd ) in 2024, according to the EIA and the Department of the Interior. Federal offshore oil, by contrast, hasn’t kept pace. trillion cubic feet (Tcf) of natural gas in 2024, up from 3.2 The driver?
Image by Professor25 via iStock The world’s top oil consumer in 2024 was the U.S., percent of total oil demand in 2024. From 2014 to 2024, U.S. oil consumption has grown by an average of 0.5 percent of total oil demand in 2024, the report revealed. percent year on year decrease and 18.7
(Oil Price) – Saudi Arabia’s revenues from oil exports crashed in April by 21% from a year earlier – to the lowest level in nearly four years – as international oil prices dipped amid concerns about oversupply and potentially weaker global economic growth. in April 2025 compared to April 2024, as a result of a 21.2%
Equinor (NYSE: EQNR) booked lower core earnings for the second quarter compared to a year earlier amid lower oil prices, kicking off the earnings season of the international majors, all of which have warned of declining profits. billion for the second quarter, down by 13% compared to the same period of 2024.
oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration. The offshore oilfield holds more than 11 billion barrels of oil and is one of the fastest-growing oil production regions in the world. oilfield, the Permian basin.
(World Oil) – U.S. crude stockpiles declined the most in almost a year last week, signaling a tighter market for American oil just as the Israel-Iran conflict threatens supplies from the Middle East. Oil inventories dropped 11.5 Oil inventories dropped 11.5 oil exports.
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. At the end of the Friday session, oil futures settled at $68.30 These countries have been unwinding 2.2 One, totaling 1.66 million barrels per day, stays in effect until the end of next year.
Image by Anatolii Yakovets via iStock According to the Energy Institute’s (EI) latest statistical review of world energy report, which was published recently, the world’s top oil producer is the United States. produced 20.135 million barrels of oil per day in 2024. percent from 2014 to 2024.
Brent Crude $68.75 -0.77% Natural Gas $3.32 -6.98% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS USA EIA Reveals Latest USA Crude Oil Production Forecast by Andreas Exarheas | Rigzone Staff | Monday, July 21, 2025 | 8:27 AM EST The U.S. crude oil production forecast in its July short term energy outlook.
(BOE Report) – LONDON, July 18 – The high-stakes clash between Exxon Mobil and Chevron over a prized South American oilfield may be a sign of what’s to come in the oil and gas industry as competition for a shrinking pool of prime assets heats up. Chevron is set to finalize its $53 billion acquisition of U.S. energy sector.
imported only 17 percent of its domestic energy supply in 2024 – half of the record share in 2006 and the lowest share since 1985. remained a net exporter of energy in 2024 for the third straight year after producing a record amount that exceeds consumption. The post EIA report: Imports of energy to U.S.
(World Oil) – Citing the latest Current Employment Statistics (CES) report from the U.S. This represented an increase of 600 jobs in the services sector and 1,600 jobs in oil and gas extraction. In May, Texas energy producers paid $411 million in oil production taxes, according to the Texas comptroller’s office.
Upstream merger and acquisition (M&A) activity experienced a sharp downturn in early 2025, with global deal value plunging 39% from the fourth quarter of 2024 to just $28 billion in the first quarter of 2025 – less than half the $66 billion recorded in the same period a year earlier.
In May—the latest month with full basin-level data—production in Neuqu é n reached 538,000 b/d of oil and 107 million cu m/day of natural gas. On a national scale, shale oil accounts for 60% of total output, while tight and shale gas combined make up 65% of Argentina ’ s gas production.
(World Oil) – Nigerian energy company Green Energy International (GEIL) has completed the development of the Otakikpo onshore terminal, situated in OML 11 near Port Harcourt. By March 2025, the facility began injecting crude, with GEIL’s production averaging 5,000 bpd.
(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.
Energy Information Administration, the share of the nation’s crude oil and petroleum imports from OPEC countries has declined 77 percent since 2006. EIA said total crude oil and petroleum imports from Canada to U.S. EIA said total crude oil and petroleum imports from Canada to U.S. The post U.S. The post U.S.
has reported higher revenues and oil and gas production in its latest quarterly results. The Calgary-based oil and gas producer says net income was $310.6 million during the same 2024 quarter. CALGARY – Whitecap Resources Inc., fresh off its $15-billion combination with Veren Inc., Read more]
Enphase shares are down roughly 65% from 2024 highs, impacted by rising interest rates, shifting U.S. Sentiment has weakened, and many investors have exited the sector, reallocating toward larger-cap utilities or oil and gas producers perceived as safer amid policy uncertainty. Solar stocks have struggled in 2025.
1 â AI power: Expanding data center capacity to meet growing demand ,â McKinsey, October, 29, 2024. 4 âElectricity explained: Electricity generation, capacity, and sales in the United States,â US Energy and Information Administration, July 16, 2024. Reduced drilling and hydraulic fracturing cost.
million for the same period in 2024, according to data compiled by commodity analysts Kpler. But it’s worth noting that every month this year has seen higher imports than the corresponding month in 2024, with June’s arrivals of 9.79 Total imports of the super-chilled fuel were 208.62 from the 205.11 million tons, or 6.4%, to 133.41
(EIA) – In 2024, the United States consumed about 94 quadrillion British thermal units (quads) of energy, a 1% increase from 2023, according to our Monthly Energy Review. energy consumption in 2024. Fossil fuels—petroleum, natural gas, and coal—accounted for 82% of total U.S. Natural gas is the second-largest source of U.S.
(World Oil) – Global supply of liquefied natural gas is set to surge the most since 2019 next year, primarily driven by production additions in North America, the International Energy Agency said. The increase in supply will accelerate to 7%, or 40 billion cubic meters a year in 2026, following a 5.5%
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. In Iraq, flaring intensity remained largely unchanged.
In 2024, Argentina recorded 99 M&A deals, the highest since 2019, with transaction values reaching $8 billion—the largest amount since 2017, PwC data showed. Vaca Muerta, the world’s second-largest unconventional gas reserve and fourth-largest oil reserve, located in the province of Neuquén, is one of Argentina’s main attractions.
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. Liquids” includes crude oil and NGLs.
The merger creates a new heavyweight in Canadian energy, ranking as the seventh-largest oil and gas producer and the fifth-largest natural gas producer in the country by output. Strategic Asset Base and Production Outlook The combined company now holds a high-quality, light oil and condensate-weighted portfolio with 1.5
Image by Cylonphoto via iStock The European Commission has proposed legislation to stop the importation of natural gas, oil and oil products from Russia into the European Union by 2027, betting on global liquefied natural gas (LNG) and increased regional infrastructure interconnectivity. billion cubic meters (473.22
(Oil Price) – Azule Energy, a joint venture of international majors BP and Eni, has discovered a major natural gas reservoir offshore Angola in the first gas-targeting exploration well in the oil-producing country. The country aims to boost its current oil production of about 1.1
Brent Crude $69.46 -0.09% Natural Gas $3.52 -0.56% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS USA Crude Oil Stocks Drop Week on Week by Andreas Exarheas | Rigzone Staff | Thursday, July 17, 2025 | 10:48 AM EST Crude oil stocks, not including the SPR, stood at 422.2 million barrels on July 12, 2024. “At 422.2
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