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Tag Archives: oil production

OPEC agrees to cut production, US producers prepare to respond

OPEC headquarters

Have you been watching the price of oil? As this story is being written, WTI Crude sits at $51.37, up 31 cents. Yesterday, according to Reuters, Brent crude was at its highest in 16 months. Why the jump? Because the Organization of Petroleum Exporting Countries agreed to its first oil output reduction since 2008. Members pledged to remove 1.2 million barrels ...

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OPEC must enact cuts for sustained oil price rise, IEA says

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in ...

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Report shows Bakken production increases for July

pump jack, north dakota oil production

Oilprice.com recently reported Bakken oil production was up 3,046 barrels per day in July, despite an overall down trend. The report shows a preliminary total of 13,255 producing wells and a current (September) rig count of 33. This compares to an all-time high of 218 in May 2012. The rig count continues to slowly increase. Oilprice noted that over 98 ...

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North Dakota oil output up about 2,375 barrels daily in July

North Dakota oil production, pumpjack

BISMARCK, N.D. (AP) — North Dakota’s oil production increased by about 2,375 barrels a day in July, after dropping by about 20,000 barrels the month before. The Department of Mineral Resources says the state produced an average of 1.029 million barrels of oil daily in July, up from 1.027 million barrels in June. North Dakota’s production record was set in ...

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US rig count up 17 this week to 481, Texas up 13

oil rig, rig count, Pixabay

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by 17 this week to 481. A year ago, 884 rigs were active. Depressed energy prices have sharply curtailed oil and gas exploration. Houston oilfield services company Baker Hughes Inc. said Friday that 396 rigs sought oil and 83 explored for natural gas ...

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US rig count up 7 this week to 447

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by seven this week to 447. A year ago, 857 rigs were active. Depressed energy prices have sharply curtailed oil and gas exploration. Houston oilfield services company Baker Hughes Inc. said Friday that 357 rigs sought oil and 89 explored for natural gas ...

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North Dakota oil output increases 5,400 barrels daily in May

pump jack, north dakota oil production

BISMARCK, N.D. (AP) — North Dakota’s oil production increased about 5,400 barrels a day in May, after dropping by about 70,000 barrels the month before. The Department of Mineral Resources says the state produced an average of 1.047 million barrels of oil daily in May. North Dakota’s production record was set in December 2014 at 1.22 million barrels daily. North ...

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US energy secretary sees oil market coming into balance

Ernest Moniz, Energy Department, oil glut

BEIJING (AP) — The U.S. energy secretary said Friday he sees the global oil market coming into balance over the next year as rising demand catches up with a two-year-old supply glut that depressed prices. Ernest Moniz said supplies should be adequate after the market comes into balance. He said Saudi Arabia has made clear it will maintain spare production ...

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Oil price unlikely to rise much further, global agency says

LONDON (AP) — The price of oil is unlikely to rise much further after rallying almost 90 percent since January, as the global market shows signs of stabilizing, the International Energy Agency said Tuesday. The Paris-based agency, which advises the world’s top oil consuming nations, nudged up its estimate for global oil demand this year in its monthly report. It ...

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