The U.S. Energy Information Administration (EIA) cut its forecast for 2023 U.S. crude oil production by 50,000 barrels per day after the Organization of the Petroleum Exporting Countries (OPEC) and allies extended output cuts through 2024. Crude oil production is expected to rise 670,000 barrels per day (bpd) to 12.56 million bpd this year, less …

EIA cuts forecast for US crude oil production this year, demand to rise Read More »

Second-quarter 2023 production exceeds high-end of guidance Capital investments for second-quarter 2023 below guidance Second-quarter 2023 earnings and conference call details provided TULSA, OK, July 11, 2023 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today provided select preliminary results for second-quarter 2023, including average production and incurred capital investments. …

Vital Energy Provides Select Preliminary Second-Quarter 2023 Results and Increases Full-Year 2023 Production Outlook Read More »

Summary Prices supported by Saudi, Russian output cuts IEA says sees tight market in H2 Dollar falls to 2-month low, adding support(Reuters) – Oil prices were little changed on Tuesday as traders weighed supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of …

Oil prices steady as traders weigh supply cuts against economic headwinds Read More »

U.S. natural gas futures climbed about 3% to a one-week high on Monday on forecasts for hotter weather that should boost cooling demand more than previously expected through late July, especially in Texas. That price increase materialized even though drillers were pulling near record amounts of gas out of the ground. The Electric Reliability Council …

U.S. Natgas Prices rise 3% as hot weather boosts cooling demand Read More »

Today the International CCS Knowledge Centre sent the following open letter to government leaders in the United Kingdom, United States and Canada on behalf of many of the world’s leading environmental scientists, academics and experts on carbon capture and storage (CCS) regarding the importance of large-scale CCS as a safe, proven and economically viable tool for …

CCS is needed and ready to address climate change – open letter to international leaders Read More »

Oslo, 10 July 2023 – DNO ASA, the Norwegian oil and gas operator, today announced a significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea license PL1148 in which the Company holds a 30 percent interest. Preliminary evaluation of comprehensive data, including cores and fluid samples, acquired from the discovery well and a follow-on extended sidetrack …

Norway logs largest hydrocarbon discovery in 10 years Read More »

At a Circle K service station outside of Kongsberg, Norway, electric car charging stands outnumber gasoline pumps. It’s a scene that is steadily being replicated all over the Nordic country, offering a glimpse of what may be in store for drivers the world over in the years ahead.When it comes to electric vehicles, Norway is …

Oil is Hard to Quit, Even in Norway Where Electric Cars Rule the Road Read More »

Commentary By Gavin Maguire (Reuters) – Europe’s utilities generated a record 10.4% of electricity from solar sources in June, according to Ember, marking a more than doubling in solar’s share of the generation mix since 2018 and a key milestone for the continent’s energy transition efforts. However, the rapid growth in solar supply capacity throughout …

Column: Europe’s surging solar sector set for cannibalization risk Read More »

BY LEONARD HERCHEN Overview Economic signals continue to be a mixed set causing no consensus on the prospects for a recession or growth in 2023 or 2024. Last quarter, we speculated as to the factors that trigger new volatility in oil and gas prices are, by definition, unpredictable and no specific triggering event occurred. Consequently, …

GLJ July Price Forecast Read More »

(Reuters) – Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.95, or 2.6%, to settle at $78.47 a barrel, while U.S. West Texas Intermediate crude (WTI) rose …

Oil Prices up 3% to 9-Week High on Supply Concerns Read More »