Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.
The Trans Mountain pipeline project is inching closer to becoming operational and a commodities analyst says Canada’s oil sector will benefit significantly once the pipeline project comes online.
According to the WSJ, some drillers are building gas-power plants and using the gas that would have been otherwise flared to generate the electricity they need to power their machinery.
Oil producers in Texas, New Mexico, and North Dakota are contributing to a substantial increase in electricity sales.
Grid constraints have emerged as one of the biggest obstacles to the transition of the United States from a hydrocarbon-powered to an electricity-powered economy.
The head of Russian oil major Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy.