Oil Production

Energy Secretary Jennifer Granholm said President Joe Biden is laser-focused on knocking down sky-high gasoline prices, though she concedes that even the most powerful person on the planet has limited influence to do that.

I was a principal scientist for the oil company Shell, for which I worked for 33 years. I have a degree in aeronautical engineering and a PhD in fluid mechanics.I recently read a letter from the business and energy secretary, Kwasi Kwarteng, in which he tries to justify government plans to encourage investment in new North Sea oil and gas. He says it would “protect Britain’s energy security” and smooth the “transition to cheap, clean, home-grown energy”, as well as cutting energy bills. But expanding North Sea oil will do none of those things, for several reasons. We don’t own the...

Individuals in rich countries face huge financial losses if climate action slashes the value of fossil fuel assets, a study shows, despite many oil and gas fields being in other countries. The researchers estimated that existing oil and gas projects worth $1.4tn (£1.1tn) would lose their value if the world...

Driven by technological, societal and political change, renewable energy technologies are progressively replacing fossil fuels. Under an expectation that governments will fulfill their net-zero emissions pledges, these changes will accelerate, with the consequence that current oil and gas assets may be overvalued by more than $1 trillion, a figure that exceeds the subprime housing mispricing that triggered the 2007-2008 financial crisis.

HOUSTON, May 26 (Reuters) - Chevron Corp (CVX.N) will consolidate its exploration and production and refining units under a single executive, it said on Thursday, as the company sharpens its focus on U.S. oil and gas production and cost efficiency. Chevron's decision to raise its U.S. output has been reinforced...

LONDON/DUBAI, May 26 (Reuters) - OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters, rebuffing Western calls for a faster increase to lower surging prices.

Energy Aspects founder and Director of Research Amrita Sen says so-called windfall taxes on the profits of oil and gas companies are a production disincentive that will lead to higher oil prices. "What's the incentive in the US to continue producing if you're just going to be taxed?" Sen says on Bloomberg Television. "If that happens then crude prices go up even further."

Low crude oil production means Nigeria is barely able to cover the cost of imported petrol from its oil and gas revenue, Finance Minister Zainab Ahmed told Reuters on Thursday. Ahmed added in an interview at the World Economic Forum in Davos that she hoped Nigerian oil production would average...

Oil prices were on track for weekly gains Friday, supported by a prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil. Brent crude was down 16 cents, or 0.1%, at $117.24, and...

NEW YORK, May 26 (Reuters) - Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Traders...

LANCASTER, Pa. — Gas prices hit new records—again—this week. Energy experts predict costs will eventually go down, but not anytime soon. Gas prices are mostly set weeks or months in advance due to long-term planning around production. During the pandemic, people drove less. Vehicle miles traveled fell...

Protesters at Port of Marsa al Hariga, Libya, fired shots in a failed attempt to halt operations and stop the loading of one million barrels of crude to a berthed tanker, Dryad Global’s latest Maritime Security Threat Advisory (MSTA) has revealed. “Protesters were prevented from entering the port. The...

A look at the day ahead in markets from Sujata Rao. So what if oil prices are up 50% this year? The long Memorial Day weekend will see some 39 million Americans hitting the road and driving at least 50 miles, up 8.3% from a year-ago, the American Automobile Association predicts.

A look at the day ahead in markets from Sujata Rao. So what if oil prices are up 50% this year? The long Memorial Day weekend will see some 39 million Americans hitting the road and driving at least 50 miles, up 8.3% from a year-ago, the American Automobile Association predicts.