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Companies use AI to run drill rigs and predict broken pumps Technology could slash costs and squeeze more oil from wells From a dark Houston control room, Rafael Guedes watched on a monitor as a robot took charge of a drilling rig in a North Dakota oil field, locking out the human operator. Glowing red …
AI Promises Faster Oil Drilling and Even More U.S. Crude Supply Read More »
(Reuters) – Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecasts and an unexpected decline in U.S. stockpiles. Brent crude oil futures were down 45 cents or 0.6% to $84.83 a barrel at 1155 GMT, …
Oil Prices Edge Lower but Set to End Week Over 3% Higher Read More »
US seeks oil for emergency reserve as maintenance winds down (Reuters) – The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage site winds down maintenance that had tempered the pace of replenishing the stockpile, the U.S. Energy Department said on Thursday. The oil, if …
U.S. Seeks Oil for Emergency Reserve as Maintenance Winds Down Read More »
(Reuters) – Liquefied natural gas (LNG) exporter Venture Global LNG on Thursday delivered to U.S. regulators a proposed protective order seeking to keep documents on the construction of a Louisiana export facility confidential. The request will test the Federal Energy Regulatory Commission’s (FERC) willingness to back a call by Venture Global LNG’s customers to require …
Venture Global LNG Asks U.S. Energy Regulator to Keep Documents Confidential Read More »
(Reuters) – Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday. The boost to supply comes as the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, this month …
Non-OPEC+ to Lead 2024 Oil Production Growth, Offsetting Output Cuts – EIA Read More »
U.S. natural gas futures extended gains on Thursday, having hit their lowest level in over two weeks earlier in the session, after a weekly report showed a bigger-than-expected storage withdrawal last week. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 2.4 cents, or 1.5%, to $1.682 per million British thermal …
U.S. Natgas Prices Climb on Bigger-Than-Expected Storage Withdrawal Read More »
Monthly Oil Statistics The latest IEA’s Monthly Oil Statistics report including December 2023 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 8.7% in December 2023 compared to December 2022. Refinery gross output of total products increased by 3.5% on a year-on-year basis. Net deliveries of total products decreased by 3.6% in December 2023 compared to …
International Energy Agency (IEA) Statistics: Monthly Oil Statistics Read More »
Monthly Gas Statistics The latest IEA’s Monthly Gas Statistics report including December 2023 data shows that for Total OECD: Production of natural gas increased by 3.9% compared to December 2022. Imports (entries)1 of natural gas were 6.4% lower on a year-on-year basis, and total OECD exports (exits)1 decreased by 2.5% in the same period. Gross consumption of natural gas decreased by 6.1% in December …
International Energy Agency (IEA) Statistics: Monthly Gas Statistics Read More »
Export-Import Bank set to vote on financing project Thursday Venture would undermine climate progress, lawmakers say Congressional Democrats are making a last-ditch appeal to leaders of the US Export-Import Bank before a critical vote Thursday, warning the agency its plan to underwrite oil drilling in Bahrain would undercut global efforts to fight climate change. “The world is …
Democrats Warn U.S. Trade Bank on Backing Bahrain Oil Drilling Read More »
HOUSTON/MIAMI, March 14 (Reuters) – The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar with the matter said. A federal court in Delaware is auctioning the shares of a parent …
Weak bids in Citgo Auction Spurs Venezuela to Pitch Alternative Pay Plan Read More »
