As the dollar begins to rebound, we are starting to see an ease in oil prices. Crude production is anticipated to increase. Reuters reported, “The dollar rose against other major currencies, buoyed by the rise in short-term U.S. government bond yields their highest in over nine years and ahead of the release of the minutes of …
Oil production peaked at over 10 million barrels a day this past November. This was the first time since 1970 that the United States has seen barrel production this strong. CNBC reported, “Unlike 1970, U.S. oil production in 2018 is on an upswing, and U.S. shale and other producers are expected to add more than …
The market just experienced their strongest start to the new year in over five years despite the recent dip in oil prices Monday. Bent crude remained above $70/ barrel while West Texas Intermediate held at roughly $66. Two key drivers in this are the weakened dollar and the growth of oil production in general. This …
President Donald Trump has vowed to continually limit the supply of oil and petroleum products to North Korea. This comes as an attempt to limit North Korean developments of nuclear weapons. An article by Reuters reported, “North Korea on Saturday condemned the latest U.S. sanctions. and Russian deputy foreign minister Igor Morgulov said Russia had …
According to Iraqi Oil Minister Jabar al-Luaibi, the oil market “is heading in the right direction … it will continue to stabilize until the end of the year,” he told reporters on Monday. As reported by Reuters, “The global oil market is stabilizing as crude inventories are falling… but Global oil producers agree that they should continue …
Rivaling Russia for the title of leader in oil production, the United States is expected to surpass Saudi Arabia in output, a country who has long been one of the world’s biggest producers of crude. According to The Wall Street Journal, “Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 …
India today put on auction a record exploration acreage for prospecting of oil and gas, from 55 blocks, in the first bid round in eight years. Each block on offer has been carved out by prospective bidders under the open acreage licensing (OAL) of the new Hydrocarbon Exploration and Licensing Policy (HELP), Oil Minister Dharmendra …
The price of oil touched $70 today. The rise may be attributed to a tightening supply from OPEC and Russia. While U.S. supplies have been expanding, they have yet to stop the upward trend. Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that …
An article in the Los Angeles Times cites state regulators and simple economics as reasons why new offshore drilling opportunities, promised by the Trump administration, will probably amount to nothing more than a few news headlines. The piece maintains that “California has powerful legal tools to head off new offshore development, and the price of …
New Mexico is among the nations top producing states and moves up in the oil and gas rankings. Since production is reaching record highs, New Mexico officials are celebrating. Production hit more than 16.3 million barrels of oil in New Mexico at the end of 2017. New Mexico Oil and Gas Association director Ryan Flynn …