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Oil Prices Could Sink Below $50 This Year

OilPrice

Crude oil prices could decline below $50 a barrel this year, according to analysts from outlets including S&P Global. This will give American drivers much needed relief at the pump after years of gas price inflation. One reason for the hypothetical decline is what is widely seen as weakening demand growth.

Oil
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U.S. Onshore Oil Production Soars to Record Highs

OilPrice

crude oil production from onshore federal lands hit a record 1.7 The driver? 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.

Oil
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How Canada’s oil sands transformed into one of North America’s lowest-cost plays

Oil & Gas 360º

(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.

Oil
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IEA sees 2025 energy investment hitting $3.3 trillion

Oil & Gas 360º

(Oil Price) – Energy investments this year are set to hit $3.3 What’s more, the IEA believes that spending on non-hydrocarbon energy, including, besides wind and solar, also nuclear, grid upgrades, energy storage, new fuels, and efficiency, will be twice the amount spent on oil and gas this year.

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U.S. onshore oil production soars to record highs

Oil & Gas 360º

(Oil Price) – U.S. crude oil production from onshore federal lands hit a record 1.7 The driver? The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure. million bpd over the same period.

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Texas oil and gas jobs increased in May despite market turmoil, new report says

Oil & Gas 360º

(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.

Gas
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Opec Supercharges Long-Term Oil Demand Outlook

Mees

Global demand for energy is on a rapid upwards trajectory, and oil will remain the single largest part of the mix, says Opec as it revised up its long-term demand outlook by nearly 3mn b/d. In a notable shift, road transportation is now the single largest driver of growth.