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....
...Brent crude, the international benchmark, traded as high as $92 a barrel on Friday after breaking above $90/b last week for the first time since October....
...It produced 1.16mn b/d in the US in the quarter versus 895,000 b/d previously, boosted in part by its acquisition of PDC Energy....
...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....
...A Reuters poll last week concurred, with analysts estimating prices should stay close to $80/b in 2024, capped by sluggish demand. (Myles McCormick) 2....
...The country pumped 13.3mn b/d of oil in November, the last month for which data is available from the Energy Information Administration, more than any country in history....
...The figure was up from 12.96 b/d in July and surpassed the previous monthly record of 13mn b/d set in November 2019....
...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....
...Wood Mackenzie forecasts peak production of 1.5mn b/d of production by 2033 — more than that of many Opec countries....
...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....
...Iran exported 1.5mn b/d of crude to China in August, the most in a decade, according to ship tracking data provided by Kpler....
...Its output has been reduced from about 10.5mn b/d in April to about 9mn b/d, through a combination of Opec+ mandated production targets and its voluntary cuts....
...The Permian produces about 5.8mn barrels of oil a day, out of about 13mn b/d in total US oil production....
...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....
...US oil production rocketed from about 5mn barrels a day in 2008 to 13mn b/d this year....
...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....
...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....
...Thanks for reading — Myles PS How can the energy industry find the right balance between sustainability, security and affordability?...
...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....
...(Myles McCormick) Power Points European cleantech start-ups attract less than half as much funding compared with US counterparts....
...Before the incident, Exxon pumped 45,000 barrels a day out of the country; afterwards it dropped to 15,000 b/d....
...While US oil output is still rising, growth is expected to be just 200,000 barrels a day over the next 12 months, well below the expansion of 2mn b/d reached between 2018 and 2019....
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