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Oil production News

IEA: Collapse in oil demand is erasing the last decade of growth

The United States will suffer an "unprecedented" decline in oil output this year despite a historic agreement by some of the world's other big producers to slash supply with the aim of shoring up prices, according to the International Energy Agency.

Alberta scraps production limits to encourage more oil drilling

Edmonton - The Government of Alberta, Canada, is now allowing curtailed operators to drill new conventional oil wells without being restricted by production limits. Existing producing wells will remain under curtailment.

Mexico aims to boost crude oil production by 45 percent by 2025

Mexico - Mexico aims to lift oil and gas production by almost 50 percent in the next six years, and in January will agree on infrastructure and drilling contracts to develop 20 fields, the head of state oil firm Petroleos Mexicanos said on Saturday.

Pipeline bottleneck is choking Canada's economy

Ottawa - While oil production in Canada is surging, profit margins for oil producers are sinking as they strive to stay competitive with U.S. markets. This is because Canada simply does not have enough pipeline capacity to deliver its oil to market.

Mexico moves to add to increased North American oil production

The trend of increased North American oil production continues as Mexico moves toward amending its constitution to allow foreign oil companies in the country.

U.S. surpasses Saudi Arabia as world’s top energy producer

U.S. oil and natural gas production surged past Saudi Arabia in 2013, making the United States the world’s largest oil-producing state.

Brent oil prices reach new highs on threat of Syria attack

As geopolitical tensions rise usually the price of oil follows. With continuing tensions in Egypt, Libya, Iran, and now a strike planned on Syria oil has been reaching record highs.

Obama WH environmental agenda as bad as Bush, report shows

Washington - A new and damning report reveals mandates during the White House years of Bill Clinton, George W Bush, and Barack Obama were “persistently ignored” and controlled by a small group of “free-ranging” economists controlling federal rules.

Russia’s oil advantage increases over Middle East unrest

Moscow - Upheavals in the Middle East have led to escalating oil prices across the world and fears of additional unrest has left many investors looking for solid ground, with that solid ground now appearing to be in Russia.

Oil prices reach highest level since ’08, markets tense

New York - A decline in oil production in Libya as a result of the escalating violence has caused oil prices to reach their highest level since 2008 and experts say national and global economic recoveries could be in jeopardy if protests spread through the region.

OPEC Cuts Production, Prices Continue to Drop

The Organization of Petroleum Exporting Countries announced a production cut but this move did not prevent a price selloff.

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Muammar Al-Gaddafi
Muammar Al-Gaddafi
U.S. Navy photo by Mass Communication Specialist 2nd Class Jesse B. Awalt

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