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Tag Archives: Crude production

EIA: Natural gas, crude production fell in 2016

crude production, oil production

According to the U.S. Energy Information Administration March 8, 2017 report, U.S. natural gas production and crude production both fell in 2016. Average crude oil production in the lower 48 states in 2016 fell to 8.39 million barrels per day (b/d). This is a decrease of 6.1 percent from the 2015 average, or approximately 0.55 million b/d. Natural gas withdrawals also decreased ...

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Shale boom leads US to first annual trade surplus with OPEC

In 2015, the United States recorded an annual trade surplus with the Organization of the Petroleum Exporting Countries. For the first time ever in trading with OPEC, exports exceeded imports. The United States finished $6.6 billion in the black, according to the U.S. Bureau of Economic Analysis data. More than $72 billion worth of goods were exported to OPEC countries, ...

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Expectations of Saudi oil shake-up stir uncertainty

DUBAI/RIYADH – A shake-up of Saudi Arabia’s oil leadership by King Salman has introduced a new element of unpredictability to its energy policymaking at a moment when Riyadh is grappling with slumping crude prices and its war in neighboring Yemen. State oil giant Aramco has been without a permanent chief executive since April, when Khalid al-Falih was made health minister, ...

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Exxon profit halved by tumbling crude price; shares drop

Exxon Mobil Corp <XOM.N> reported lower-than-expected second-quarter results on Friday as tumbling crude prices halved profit at the world’s largest publicly traded oil company. Profit at Exxon’s exploration and production business fared even more poorly with a profit of $2 billion, down sharply from $7.9 billion a year earlier. The company’s shares fell 2 percent to $81.40 in premarket trading. ...

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BP to suspend operations at Caspian Sea platform

BAKU – British oil major BP will suspend operations at one of its platforms in the Caspian Sea for planned maintenance, a spokeswoman for BP Azerbaijan said on Tuesday. Operations would be suspended for three weeks at the end of May at BP’s West Azeri platform, she said. A source at the Azeri state energy company SOCAR also told Reuters ...

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