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....
...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....
...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....
...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....
...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....
...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....
...Exhibit B: “President Biden’s war on American energy continues,” said Wyoming senator John Barrasso. But at the end of the day, it seems to be more style than substance....
...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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