US Crude Production Growth Slows as Oil Rigs Decline
While output is still poised to reach a record of 13.54 million barrels a day, the annual rate of growth is now projected at 2.4% versus 3.2%, per the Energy Information Administration.
Oil’s Ample Supply Has Analysts Seeing Tough Year for Crude
Supply is back in the driver’s seat for global crude markets, as rising production from non-OPEC+ nations including the U.S. may outstrip global demand that’s growing at a slower pace.
Oil Breaches $50 as Worldwide Energy Demand Outlook Brightens
Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing.
US Oil Output to Hit a Record in 2018
The Energy Information Administration said domestic output of crude oil will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month, according to the agency’s monthly Short-Term Energy Outlook released May 9.
US Petroleum Exports Climb to Record as Crude Output Grows
The year 2017 started off with a bang for American oil companies as total crude and petroleum products exports rose to a record 5.69 million barrels a day in January, government data show.
Oil Drops as US Drilling Growth Threatens to Counter OPEC Cuts
Oil fell as U.S. drilling continued to rise, undermining the potential for even an extended OPEC output-reduction deal to rebalance the market.
Oil Executives Are Confident That the Future Is Bright
Oil prices are down nearly 10% over the past month, leading some to wonder if we're set for a resumption of the plunge seen between 2014 and early 2016. Executives at oil companies, however, are optimistic.
Oil Trades Below $50 After US Supply Glut Erases OPEC's Gains
West Texas Intermediate crude traded below $50 a barrel after surging U.S. supplies wiped out gains in the three months since OPEC’s decision to cut output.
Oil Slumps to Lowest This Year as Traders Focus on Record Supply
Oil slumped more than 5% to the lowest close this year after government data showed production cuts from OPEC and other producers have not been enough to reduce U.S. supplies.
Oil Declines on Projected US Crude, Gasoline Supply Gains
Oil dropped to the lowest in more than two weeks amid estimates that U.S. crude and gasoline inventories continue to climb.