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The Irony of California’s Oil Dependence

California’s oil production has been…

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Global Oil Market Surprisingly Oversupplied

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Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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- In 2018, U.S. coal production fell to 756 million short tonnes, the second-lowest total since 1978 and down from a peak of 1,172 million short tonnes in 2008.

- Production and consumption have fallen in tandem. Consumption dropped to just 687 million short tonnes last year, a four-decade low.

- The vast majority of coal consumed is used for electricity generation. The ongoing shuttering of coal-fired power plants likely ensures steady declines for both production and consumption of coal for years to come.

Market Movers

• Cabot Oil & Gas (NYSE: COG) plunged by 5 percent on Monday, dropping to a four-month low. Other natural gas producers also fell sharply. Natural gas prices have fallen to three-year lows as a result of rising supply.

• Devon Energy (NYSE: DVN) announced a voluntary methane reduction target, aiming to lower emissions by 12.5 percent from current levels to a methane-intensity rate of 0.28 percent by 2025.

• Legacy Reserves (NASDAQ: LGCY), a…


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