oil production

It Really Was A Trillion Dollar Blunder

February 3, 2016 by Robert Rapier

OPEC and Oil Production

A few days after Christmas I appeared on CNBC Asia’s Squawk Box to discuss the volatility in the oil market. Bernie Lo asked a question about OPEC’s strategy, and I characterized their decision to defend market share as “a big, costly mistake” that had already cost the group over $500 billion.[read more]

Norway's Oil Production Increases, but New Investment is Declining

October 16, 2015 by U.S. EIA: Today in Energy

Norway and Oil

Norwegian petroleum and other liquids production, which had been declining since 2001, increased in 2014 and will likely continue increasing in 2015. The production growth in 2014 was mainly the result of new fields coming online, but also included a small increase in output from existing fields.[read more]

Sustained Low Oil Prices Could Reduce Exploration and Production Investment

September 25, 2015 by U.S. EIA: Today in Energy

Low Oil Prices and Production

Oil prices reflect supply and demand balances, with increasing prices often suggesting a need for greater supply. Greater supply, in turn, typically requires increased investment in exploration and production (E&P) activities. Lower prices reduce investment activity.[read more]

Debt Service Uses a Rising Share of U.S. Onshore Oil Producers' Operating Cash Flow

September 22, 2015 by U.S. EIA: Today in Energy

Oil Production and Debt Maintenance

Results from second-quarter 2015 financial statements of a number of U.S. companies with onshore oil operations suggest continued financial strain. Low oil prices have significantly reduced cash flow, and to adjust companies have reduced capital expenditures and raised more cash from debt and equity.[read more]

The Return of Iran's Oil

August 13, 2015 by Geoffrey Styles

Iran, Nuclear, and Oil


The signing of a nuclear agreement with Iran represents more than a geopolitical milestone. In the context of today's lower oil prices it puts additional pressure on near-term prices, but perhaps more importantly creates the potential for significant shifts within the oil industry.[read more]

Nuclear Accord Creates Potential for Additional Crude Oil Production from Iran

August 13, 2015 by U.S. EIA: Today in Energy

Iran Nuclear Energy and Oil Production

On July 14, the P5+1 (the five permanent members of the United Nations Security Council and Germany) and Iran announced an agreement that could result in relief from United States and European Union nuclear-related sanctions (which include some oil-related sanctions).[read more]

U.S. Refineries are Running at Record-High Levels

August 7, 2015 by U.S. EIA: Today in Energy

Refineries Running High

Lower crude oil prices and strong demand for petroleum products, primarily gasoline, both in the United States and globally, have led to favorable margins that encourage refinery investment and high refinery runs. Refinery margins are currently supported by high gasoline crack spreads.[read more]

Is the U.S. Really the World's Top Oil Producer?

July 22, 2015 by Robert Rapier

United States Oil Production

The U.S. is clearly an energy production superpower, but we are an even greater energy consumer. Thus, despite the large amount of energy production, the U.S. is not energy independent. Our position as the #2 coal producer behind China mirrors our #2 position behind China in carbon dioxide emissions.[read more]

Friday Energy Facts: U.S. Refinery Capacity Reaches 18 Million Barrels Per Day

June 26, 2015 by U.S. EIA: Today in Energy

Refinery Capacity Growth

Increased refinery runs—based on increases in both capacity and utilization—have helped accommodate increases in U.S. crude oil production. The United States' capacity to refine crude oil into petroleum products increased by 0.2% in 2014, reaching 18.0 million barrels per calendar day.[read more]

OPEC Crashed the U.S. Rig Count

June 11, 2015 by Robert Rapier

OPEC and U.S. Rig Count

Last November, after several months of plummeting crude oil prices, the OPEC met to discuss the oil production quotas for each country in the months ahead. Many expected OPEC to cut production. Instead, OPEC announced that they would continue pumping at the same rate.[read more]

Financial Hedging Helps Some Producers Mitigate Effect of Falling Oil Prices

April 12, 2015 by U.S. EIA: Today in Energy

Oil Prices and Financial Risk

The decline in crude oil prices since last summer has had a direct impact on oil producers' sales revenue, but hedging strategies have lessened the effects of lower prices on some producers' total revenue. Oil producers who adopt hedging strategies can reduce their price risk.[read more]

Energy Quote of the Day: 'We Refuse that OPEC Bears the Responsibility'

April 1, 2015 by Edward Dodge

OPEC, Oil Production, and Prices

Saudi Arabia’s oil minister, Ali al-Naimi, recently said again that OPEC will not take sole responsibility for supporting global oil prices. Since the collapse in oil prices this past year, OPEC has attempted to convince non-OPEC oil producers to cooperate on production and prices, but with little success.[read more]

Oil Price Decline Leads to Lower Tax Revenues in Top Oil-Producing States

March 17, 2015 by U.S. EIA: Today in Energy

Oil Prices, State Revenues

Texas, North Dakota, Alaska, and Oklahoma are four of the five top oil- and natural gas-producing states, and they derive a significant share of their unrestricted operating revenues from taxes on oil and natural gas production. But the decline in spot oil prices has reduced production tax revenues.[read more]

Friday Energy Facts: Oil Production in Federal Gulf of Mexico Expected to Continue Increasing

March 6, 2015 by U.S. EIA: Today in Energy

Gulf Oil Production

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016. EIA projects GOM production to reach 1.52 million barrels per day (bbl/d) in 2015 and 1.61 million bbl/d in 2016.[read more]

Energy Quote of the Day: Handicapping an Opec Oil Production Cut

November 30, 2014 by Jared Anderson

Opec Production Cut

Oil market observers will take a break from their Turkey preparations to see whether Opec producers decide to cut oil output in a bid to stabilize prices. The meeting being held in Vienna will be long over by the time folks in the US sit down to Thanksgiving dinner.[read more]