Tag Archive for: oilproduction

US Energy Secretary Chris Wright said that the world needs to more than double its oil production to bring more people out of energy poverty.

U.S. energy secretary urges major rise in global oil output

U.S. Energy Secretary Chris Wright said the world needs to more than double oil production, arguing that higher supply is critical to expanding access to reliable, affordable energy. Speaking at the World Economic Forum in Davos, Wright framed the issue as an “energy poverty” challenge and suggested global oil demand will remain durable for decades.

Wright also discussed how policy and regulatory frameworks can affect energy investment and cross-border energy trade, including requirements tied to emissions monitoring and reporting. He pointed to the scale of today’s market as context for his remarks, noting that global supply is already above 100 million barrels per day and that the U.S. has expanded production and export capacity in recent years. For additional context on U.S. output trends, see Ranger’s updates on recent EIA production forecasts and record onshore production on federal lands.

Source: Upstream
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US associated natural gas output rose 6% in 2024, mirroring Permian crude oil production growth, according to the EIA.

Permian Basin oil boom propels 2024 rise in US associated natural gas

The Permian Basin’s role as the nation’s dominant crude oil producing region is translating to a role as the nation’s dominant natural gas producing region.

According to the U.S. Energy Information Administration, U.S. production of associated dissolved natural gas, also known as associated natural gas, increased by 6% in 2024. This mirrored the growth in crude oil production from the Permian region.

Associated natural gas production averaged 18.5 billion cubic feet per day in 2024, according to data from Enverus DrillingInfo.

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Source: mrt

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The total number of active drilling rigs for oil and gas in the US rose this week, Baker Hughes reported Friday.

Oil and gas rig count ticks up in the US as production hits new high

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. Let’s talk more about oil and gas rig count.

The total rig count in the US rose to 548 this week, according to Baker Hughes, down 37 from this same time last year.

The number of active oil rigs stayed the same in the reporting period, according to the data, at 414. Year over year, this represents a 65-rig decline. The number of gas rigs rose by 3 to 128, which is 26 more than this time last year. The miscellaneous rig count fell by 1 to 6.

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Source: Oil Price

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From 2020–24, 93% of US oil growth came from the 10 counties in Texas and New Mexico, while the rest added just 130K b/d.

Ten Permian Counties Account for 93% of US oil production growth since 2020

Between 2020 and 2024, total crude oil and lease condensate production in the United States Ten Permian Counties. It grew by 1.9 million barrels per day (b/d), 93% of which was produced from just 10 counties in Texas and New Mexico. Production from the rest of the United States, including producing areas in offshore state or federal waters, grew by just 130,000 b/d.

The 10 counties are all within the Permian Basin, a large geologic feature underlying 66 counties in New Mexico and Texas. Two of these counties, Lea and Eddy in New Mexico, accounted for nearly 1.0 million b/d of U.S. production growth (52%) between 2020 and 2024. Martin and Midland in Texas accounted for an additional 0.40 million b/d (21%). Six additional counties in Texas—Andrews, Glasscock, Howard, Loving, Reagan, and Ward—together grew by 0.36 million b/d (19%), based on county-level production data from Enverus.

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Source: eia

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US crude oil production from onshore federal lands hit a record 1.7M bpd in 2024, according to the EIA and the Department of the Interior.

US onshore oil production soars to record highs

US crude oil production from onshore federal lands hit a record 1.7 million barrels per day (bpd) in 2024, according to the EIA and the Department of the Interior. That’s a sixfold jump since 2008—far outpacing the broader rise in national crude output, which nearly tripled to 13.2 million bpd over the same period. The driver? An explosion of activity in New Mexico’s portion of the Permian Basin, where leasing, permitting, and drilling have surged in recent years.

From FY2020 through FY2023, New Mexico accounted for the majority of federal land drilling permits approved and well bores started. The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure.

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Source: Oil & Gas 360

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The EIA projected that U.S. crude oil production will average 13.37M bpd in 2025–2026, up from 13.21M bpd in 2024.

USA EIA reveals latest USA crude oil production forecast

The U.S. Energy Information Administration (EIA) revealed its latest U.S. crude oil production forecast in its July short term energy outlook (STEO), which was released earlier this month. Learn how USA EIA reveals latest USA crude oil production forecast.

In its July STEO, the EIA projected that U.S. crude oil production, including lease condensate, will average 13.37 million barrels per day across 2025 and 2026. The STEO highlighted that this output came in at 13.21 million barrels per day in 2024.

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Source: Rigzone

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Goldman Sachs expects OPEC+ to make its final production hike in August at the now standard level of 411,000 barrels daily.

Goldman expects OPEC+ output hikes to end in August

Goldman Sachs expects OPEC+ to make its final production hike in August at the now standard level of 411,000 barrels daily.

In a recent analysis, the bank highlighted the current dynamics of the oil market, indicating that the fundamentals surrounding oil supply and demand remain relatively robust. Despite ongoing concerns about a potential slowdown in global economic activity, recent data has shown stronger-than-expected performance in various sectors. This resilience in hard global activity metrics, coupled with the seasonal uptick in oil demand typically associated with the summer months, suggests that any anticipated decline in oil consumption is unlikely to be severe enough to warrant a significant reduction in production levels. As such, market participants are closely monitoring these trends, particularly in light of the upcoming decision on production levels scheduled for July 6th.

Furthermore, the interplay between these factors may lead to a reconsideration of strategies among oil-producing nations as they evaluate their output in response to both market signals and geopolitical considerations. The bank’s insights imply that while cautious optimism prevails, the potential for a sustained increase in production remains on the table. Producers may view the current environment as an opportunity to capitalize on existing demand, thus influencing pricing and supply dynamics in the coming months. This perspective underscores the importance of closely watching economic indicators and seasonal patterns as they impact the broader oil market landscape.

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Source: Oil Price

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Permian oil output tops 6M bpd and may peak at 7.7M by 2035, but plateau—not decline—is expected, per Wood Mac, despite rising costs and challenges.

The Permian is not done yet

Back in 2017, oil production in the Permian stood at 2.2 million barrels daily. Today, the Permian is producing over 6 million barrels daily, accounting for nearly half of the U.S. total. Predictions of a looming peak have lately multiplied.  According to Wood Mackenzie, the Permian is not done yet—not if prices improve.

To be sure, the boom days seem to be over. Production growth in the most prolific shale play in the United States. It has been slowing already as production costs climb higher while oil prices slide lower. Most forecasts for the region agree that growth in production. It is about to slow down further, and Wood Mac is no exception. The consultancy expects output there to add 200,000 barrels daily this year, for a total of 6.6 million barrels daily.

Going forward, growth is about to continue slowing, and the analysts predicted. Until production peaks at 7.7 million barrels daily in 2035. Yet, while many assume that a peak is inevitably followed by a decline, this will not be the case in the Permian. Output of crude oil in the play will plateau at 7.7 million bpd, and this will more than offset production declines in other producing regions in the country—meaning oil demand will be healthy enough to support such a trend.

Companies with big footprints in the Permian, therefore, can enjoy said footprint even with slower growth. Yet companies tend to seek new growth opportunities all the time to sustain their business, and the prospect of peak growth in the Permian is a real one. The gas-to-oil ratio of output there has been on the rise, as has the water-to-oil ratio in the play. Both trends suggest that some formations in the basin are reaching geological constraints, and more drilling isn’t necessarily proportionate to the oil volumes produced.

Indeed, Big Oil executives have predicted that peak oil supply will arrive in the U.S. before 2035. This does not, of course, mean they are right and Wood Mac analysts are wrong. It simply means that nothing is certain until it happens. And it seems that the slowdown in the Permian is already happening. It also seems that the challenges are multiplying: the latest is concern that toxic wastewater in underground reservoirs could leak and that it could affect seismic activity in the area. In response to these risks, the Railroad Commission of Texas has started imposing restrictions on the amount of wastewater disposed of underground until pressure levels subside.

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Source: Oil & Gas 360

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Once dismissed, "peak oil" is resurging as U.S. production slows, sparking fresh concerns about future supply and its global economic impact.

Return of Peak Oil

The term “return of peak oil” has sparked debate for decades, fueling speculation and more than a few forecasts of doomsday scenarios. But for all the noise, it remains a largely misunderstood concept. That’s unfortunate, because peak oil—both in theory and in practice—still carries serious implications for the global economy and energy markets.

The phrase was very popular 20 years ago, but then faded when the shale revolution gathered steam. But all booms eventually end, and a growing number of voices are suggesting that peak production in the U.S. may soon be upon us.

What is Peak Oil?

But let’s begin with the basics. “Peak oil” doesn’t mean we are running out of oil. It means that we have hit a maximum level of oil production, and after that point, production begins to decline.

The concept was popularized in the 1950s by geophysicist Shell M. King Hubbert, who predicted that U.S. oil production would peak around 1970. That prediction was initially correct, but it didn’t account for the eventual surge in unconventional oil—especially from shale—which temporarily reversed that decline decades later.

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Source: Oil & Gas 360

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Texas oil and gas production hit new records in 2024, surpassing records that were set in 2023, according to the Texas Railroad Commission.

Texas Oil and Gas Industry Continued Hot Streak in 2024

The Texas oil and gas industry continued a hot streak in 2024, with production volumes surpassing records set in 2025. All of this is according to a statement recently posted on its website by the Texas Railroad Commission (RRC).

In the statement, the RRC noted that it tallies production reports submitted by operators. It is an outline that the latest reports show that oil production came in at 2,003,844,281 barrels. Moreover, natural gas production hit 12.62 trillion cubic feet, last year. The RRC highlighted in the statement that this was the first time oil “surpassed the two billion threshold”.

The RRC statement pointed out that Texas’ top five crude oil and condensate production years came in 2024, This is at 2.00 billion barrels in 2023 then at 1.99 billion barrels in 2022. Lastly at 1.87 billion barrels in 2019. For additional data, at 1.86 billion barrels and 2020, and at 1.77 billion barrels.

The statement highlighted Texas’ top five gas production years—2024 (12.62 trillion cubic feet), 2023 (12.30 trillion cubic feet), 2022 (11.43 trillion cubic feet), 2021 (10.51 trillion cubic feet), and 2020 (10.24 trillion cubic feet).

“These latest records further demonstrate Texas’s position as a global leader in oil and gas production,” RRC Chairman Christi Craddick said in the statem

ent.

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Source: Rigzone

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