• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours How Far Have We Really Gotten With Alternative Energy
  • 4 days Can Solar Panels Regenerate Prairies?
  • 4 days Canada’s Carbon Capture Ambitions Have Hit A Roadblock
Tandem Solar Cells Poised To Revolutionize Energy Market

Tandem Solar Cells Poised To Revolutionize Energy Market

Researchers from Kaunas University of…

BMW And Mercedes Debut Game-Changing EV Concepts

BMW And Mercedes Debut Game-Changing EV Concepts

BMW and Mercedes showcase innovative…

Editorial Dept

Editorial Dept

More Info

Premium Content

U.S. Oil Production Is Bouncing Back

1. Higher Oil Prices Revitalize US Crude Production

- As oil prices moved to the mid-80s due to Saudi Arabia’s production cuts and robust summer demand, US oil producers see additional incentives to ramp up supply, setting new all-time production figures along the way.

- According to the EIA’s recently issued Short-Term Energy Outlook, US crude production is expected to surpass 12.9 million b/d for the first time ever in late 2023, a 200,000 b/d upward revision compared to previous forecasts.

- Buoyed by the high-price environment which should lead to increased oil drilling activity next year, the EIA sees end-2024 production rates at 13.4 million b/d.

- Production curtailments from OPEC+ countries have also prompted the EIA to hike its pricing forecasts, upping the 2023 average Brent price to $82.62 per barrel and 2024 to $86.48 per barrel.

2. Egypt’s Natural Gas Mojo Runs Out as Zohr Spells Trouble

- Once touted as the Eastern Mediterranean’s new gas-producing frontier, Egypt has witnessed a surprise decline in natural gas production in the first half of 2023, raising questions about the long-term prospects of the supergiant Zohr field.

- Gas production in the North African country decreased by 9% year-on-year, driven by technical problems at Zohr, a 30 TCf field that was only discovered in 2015 but seems to be already declining due to water infiltration issues.

- As Zohr accounts for some…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News