Since 2020, there have been military coups in Burkina Faso, Mali, and Niger. Potential spillover of conflicts to the coastal West African countries could endanger some oil projects and deter foreign investment, according to report by analyst – Tsvetana Paraskova, writing for Oilprice.com.
The geopolitical conflicts that have engulfed the world are making many believe that oil prices can hit the global benchmark of $100 for the first time in almost two years
The U.S. oil and gas industry directly employed 2.04 million workers in 2023.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR) decreased by 2.0 million barrels from the week ending March 8 to the week ending March 15, the U.S. Energy Information Administration (EIA) revealed in its latest weekly petroleum status report.
Oil and gas activity in the Permian basin remained unchanged in the fourth quarter while most companies in the biggest US oil-producing basin expect little change in their capital spending for 2024 compared to 2023, the latest Dallas Fed Energy Survey showed.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 9.2 million barrels from the week ending January 12 to the week ending January 19, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.
Oil is on track to be the largest export item for the United States this year for the first time in history, highlighting the growing influence of U.S. oil production and exports on the global oil market.
U.S. energy firms this week cut the number of active oil and natural gas rigs for an eighth week in a row, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.
The U.S. is already on its way to becoming the biggest LNG exporter in the world in terms of capacity. This trend is only going to accelerate in the next four years as the country leads new capacity additions for the superchilled, low-emissions fuel.
Even with the share of renewables in electricity production rising continuously over the past years, oil remains the world’s most important energy source when factoring in transport and heating.