Hints and tips:
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...“On factory floors across the nation, our autoworkers are making cars and trucks that give American drivers a choice — a way to get from point A to point B without having to fuel up at a gas station,” said...
...Brent crude, the international marker, rose by a similar margin to settle at $87.42/b....
...The figures top the 12.9mn b/d estimated in 2023 — itself a record, surpassing levels reached before the Covid-19 pandemic....
...West Texas Intermediate, the US crude benchmark, averaged about $80 a barrel during Biden’s first three years compared with $58/b in Trump’s....
...Before the incident, Exxon pumped 45,000 barrels a day out of the country; afterwards it dropped to 15,000 b/d....
...The US Energy Information Administration estimates average prices of about $83/b for the year....
...At new wells in the Permian, average oil production per drilling rig has increased to 1,319 b/d. A decade ago the figure was about 183 b/d....
...Exxon forecasts oil production of 3.8mn oil-equivalent barrels a day in 2024, compared with 3.7mn b/d this year....
...With a knowing wink to multiple B-movies, a vintage twist awaits: a nasty surprise in the trunk....
...Wood Mackenzie forecasts peak production of 1.5mn b/d of production by 2033 — more than that of many Opec countries....
...Rystad, a research group, said Venezuelan production could increase by a maximum of 200,000 b/d six months after sanctions are eased....
...The figures show how the bank’s chief executive Jamie Dimon has taken advantage of acquisition opportunities — such as with the rescue of First Republic this May — and of errors by rivals to establish JPMorgan...
...Venezuela boasts the largest proven oil reserves on the planet and in its heyday pumped about 3mn barrels a day, though years of mismanagement and US-led sanctions have left production well below 1mn b/d...
...Alongside Continental Resources boss Harold Hamm, Hess transformed the state from producing fewer than 100,000 barrels of oil a day in the early 2000s to a peak of 1.5mn b/d in 2019....
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...The Permian produces about 5.8mn barrels of oil a day, out of about 13mn b/d in total US oil production....
...The unusually fast ramp-up could push production to 1.2mn b/d by 2027 — equivalent to about a third of Exxon’s current daily production....
...Their combined acreage will further drive the basin’s output to about 2mn b/d by 2027. All told, Exxon will have access to 16bn oil-equivalent barrels, with 15 to 20 years of remaining inventory....
...US oil production rocketed from about 5mn barrels a day in 2008 to 13mn b/d this year....
...The move by Riyadh and Moscow to prop up prices has been surprisingly effective, removing 1.3mn b/d from the market, most likely until the end of the year....
...and 360,000 b/d in 2025....
...York will now admit some overseas applicants who achieved the equivalent of B/B/C grades at A level into its undergraduate programmes, or a 2:2 degree to join its postgraduate courses....
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