APA's strong natural gas demand helps it beat third-quarter profit expectations
The oil and gas company APA surpassed Wall Street's expectations for the third quarter profit on Wednesday as strong natural gas demand helped offset weaker production of crude oil. The average natural gas price jumped by 26% compared to the previous year to $3.25 for a million British thermal units in the third quarter.
EIA data show that US oil and gas production reached a new record high in August.
The Energy Information Administration reported on Friday that U.S. gas and oil production reached record levels in August despite fears of a market surplus. The record U.S. production of oil has been a major factor in the slumping commodity prices that we have seen this year. Brent crude, the global benchmark, traded just above $65, or 14% less than it did at the same time last.
Pemex Crude Oil Production Falls 5.6% in September
Mexico's state energy company Pemex produced 5.6% less crude oil and condensate year-on-year in September, an average 1.65 million barrels per day (bpd), according to data it released late on Tuesday.The heavily-indebted driller has struggled to boost production, despite cash injections and tax relief since the previous administration, as many fields are being depleted and new discoveries have not
Sinopec's profit for Jan-Sept is down by a third due to lower oil prices and weaker fuel sales
Sinopec, a Chinese oil company, reported a 32% drop in its net income year-on-year for the first three months of this year due to lower crude prices and weaker sales. Sinopec, the world's biggest refiner by volume, reported a net profit of 8.5 billion yuan (1.19 billion dollars) in its third quarter, which was almost flat compared to a year ago, according to Chinese accounting standards.
China's daily oil refineries processing rate reaches two-year high
China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates. According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September.
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction. The entry costs for shale were lower and the returns faster…
Saudi Aramco CEO: Saudi Aramco's maximum oil production capacity can be sustained for an entire year at 12 million barrels per day.
Saudi Aramco's Chief Executive Amin Nasser said that the company can maintain crude oil production of 12 million barrels a day (bpd), for an entire year, without incurring any additional costs. Saudi Arabia has a large share of the world’s spare oil supply – idle oil that can be quickly brought to market. Nasser, speaking at the Energy Intelligence Forum held in London…
Ghana's crude output drops 25.9% during the first half of 2025
The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee. Ghana, Africa's largest gold producer, started producing crude oil in 2010.
EIA increases US oil production forecast and warns that oversupply could lead to a price drop
The Energy Information Administration announced on Tuesday that U.S. crude oil production will be higher than expected this year. However, it warned of a glut in oil prices for the months to come. According to the Department of Energy's statistics arm, U.S. oil output is expected to average 13,53 million barrels a day in 2013, up from the previous forecast of 13,44 million bpd.
Nigeria increases oil production and drilling activity in response to reforms that attract investment
Nigeria's daily crude oil production has increased from between 1.7 and 1.83 millions barrels, and the number active drilling rigs have increased from 31 in January to fifty by July. This is due to the reforms implemented under President Bola Tinubu to open up the petroleum sector to investment. The figures were announced by Senator Heineken Lopobiri (Minister of State for Petroleum Resources…
Nigeria's daily crude oil production plunged by 16% after a brief Dangote refinery strikes
According to an impact study, Nigeria's daily production of oil and gas dropped during the short nationwide strike called by the oil workers' union PENGASSAN on Wednesday. The talks between Dangote Refinery and government mediators were called off after. The strike began on 28 September after Dangote, Africa's biggest refinery with a crude-processing capacity of 650…
Diamondback CEO says US crude production growth will slow down with $60/bbl.
The CEO of Diamondback Energy - one of the top oil producers in the United States - said that the growth of U.S. crude oil production will slow down if oil prices remain near $60 per barrel. Fewer drilling sites can be profitable at this level. Kaes van't Hof, speaking at a conference on energy in Austin, said "There are only so many Tier 1 rocks" in reference to the best locations for drilling.
US Crude Oil Production Hits Record, says EIA
The Energy Information Administration reported on Tuesday that U.S. crude production reached a new monthly record of 13,64 million barrels of oil per day in the month July. This is up 109,000 barrels per days from June's previous record.The EIA reported that the oil output of Texas, the top producer, rose to 5,8 million barrels per day (bpd) in July. This was the highest level since October 2024.
China's crude oil output in August is up 7.6% on a year-on-year basis
China's crude throughput in August increased 7.6% compared to a year ago, official data revealed on Monday. State-owned refineries also maintained high operating rates. According to the National Bureau of Statistics, the world's second largest oil consumer processed approximately 14.94 million barrels of crude per day in August.
CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. WCS for Hardisty, Alberta delivery in October settled at $11.20 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with a $11.40 discount on Monday. * The discount on WCS was narrowest since late July.
Document from the Politburo shows Vietnam is open to using small modules nuclear reactors
According to a document released by the Communist Party’s Politburo (the most powerful body in the country), Vietnam is open to the use of small module reactors to power its planned nuclear plants. Southeast Asia, a manufacturing hub in the region, seeks to increase its capacity for power generation to support an economy that is one of the fastest growing in the world.
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year. Revenues fell 6.7%, to 1.45trillion yuan.
China's oil throughput in July surges by 8.9% on an annual basis
China's crude throughput in July increased 8.9% compared to a year ago, according to official data released on Friday. State-owned refineries also maintained high operational rates. According to the National Bureau of Statistics, the world's second largest oil consumer processed approximately 14.85 million barrels of crude per day in July.
EIA: US crude production will reach record 13,41 million bpd by 2025, before dropping.
The Energy Information Administration predicted in its monthly report on Tuesday that the U.S. crude oil production would reach a record 13,41 million barrels a day in 2025, despite lower oil prices causing a decline in 2026. EIA data show that the drop in production in 2026 to 13,28 million barrels per day would be the world's first decline since 2021.
EIA expects Brent oil to fall below $60/bbl by Q4
The U.S. Energy Information Administration forecast Brent crude oil spot price will average less that $60 per barrel during the fourth quarter. This would be the lowest average price since 2020. In its August Short Term Energy Outlook, it stated that it expects Brent to be around $50 per barrel by 2026. The global benchmark closed Tuesday at just over $66. The U.S.