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U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.4 million barrels from the week ending February 28 to the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That report was released on March 12 and included data for...
The industry that paid the highest U.S. oil and gas wage in 2024 was Crude Petroleum Extraction, with an annual average of $227,080. That’s what the Texas Independent Producers & Royalty Owners Association (TIPRO) showed in its latest State of Energy report, which was released recently. The annual average wage for this industry increased by...
Natural gas prices are starting to look exciting to bulls. That’s what Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone in an exclusive interview on Tuesday when asked why the U.S. natural gas price is rising today. “If you would have asked many natural gas traders a few months ago...
President Donald Trump said 25% tariffs on Canada and Mexico are on track to go into place on March 4, and said he would impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation’s largest trading partners. The president paused the sweeping duties on Canada and Mexico on...
Estimated resource volumes on the Norwegian continental shelf rose 36 million standard cubic meters of oil equivalent (scmoe) to 15.61 billion scmoe – before accounting for production – as of year-end 2024, Norway’s upstream regulator has reported. The total figure consisted of 8.73 billion scmoe produced, 2.26 billion scmoe of reserves, 651 million scmoe of...
Venture Global said it will launch “commercial operations” for the Calcasieu Pass liquefied natural gas (LNG) export project in Louisiana in April. The facility in Cameron Parish already began production January 2022, according to Venture Global. However, Calcasieu Pass LNG has not supplied offtakers, prompting BP PLC to complain to the Federal Energy Regulatory Commission...
Egypt and Cyprus on Monday signed deals for the reexport and commercialization of Cypriot gas, agreements that are key for Cairo in its push to become a regional energy exporter as its own output suffered declines in the past couple of years. Under the deals, production from the Cronos gas field, off Cyprus’s southwest coast,...
In its February short term energy outlook (STEO), which was released on Tuesday, the U.S. Energy Information Administration (EIA) revealed its latest Brent spot price forecasts for 2025 and 2026. According to the STEO, the EIA sees the Brent spot price averaging $74.50 per barrel this year and $66.46 per barrel next year. In its...
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 8.7 million barrels from the week ending January 24 to the week ending January 31, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. The report, which was released on February 5 and included data...
Colombian President Gustavo Petro called on state oil producer Ecopetrol SA to sell its operations in the US, citing his government’s position against fracking, which he says is destructive to nature and humanity. Majority state-owned Ecopetrol announced this week it was extending a joint venture with Occidental Petroleum Corp. in the Permian Basin in the...
