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4 mentions found


☆ US crude oil exports to gain tail winds from Saudi July output cut
  + stars: | 2023-06-05 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
U.S. oil exports touched a record 4.5 million bpd in March with China's growing oil purchases and competitive U.S. pricing lifting demand. The exports are about a third of U.S. production, even as the country's crude oil stocks are down near the low levels recorded at 815 million barrels. Brent traded at about $77.28 on Monday, below the about $80 per barrel that Saudi Arabia needs to fund its government budget. U.S. shale oil production has been inching higher all year, and is forecast to hit 5.71 million bpd this month. "But the near term impact (on drilling) is moderate at best," he added.
Persons: Matt Smith, Paul Sankey, Brent, Mike Oestmann, Arathy Somasekhar, Gary McWilliams, David Gregorio Our Organizations: Saudi, Sankey Research, New York ., U.S, Reuters, Thomson Locations: Saudi Arabia, Europe, Asia, . U.S, Saudi, New York, New York . U.S, City, Texas, WTI, Houston
☆ OPEC+ may spur U.S. crude oil exports, tick production higher
  + stars: | 2023-04-03 | by ( Stephanie Kelly Liz Hampton | Stephanie Kelly | Liz Hampton | ) www.reuters.com   time to read: +3 min
Oil prices jumped over 6% on Monday, with U.S. crude futures topping $80 per barrel. The U.S. pumped nearly 12.5 million bpd in January, according to the latest government data. U.S. cash crude prices strengthened on Monday, with Mars Sour gaining 50 cents to trade at a $1.40 discount to U.S. crude futures . U.S. seaborne crude exports last month hit 4.74 million bpd, the highest monthly total since at least January 2020, Vortexa data showed. "This development should bode well for already strong U.S. crude exports with increased medium- and heavy-sour Canadian crude exports from the U.S. in order to supply a global market which is already short on sour crude," said Rohit Rathod, senior oil market analyst at Vortexa.
☆ Analysis: Europe can't look to U.S. shale to fill any OPEC gap
  + stars: | 2022-12-06 | by ( Laila Kearney Liz Hampton Arathy Somasekhar | Laila Kearney | Liz Hampton | ) www.reuters.com   time to read: +8 min
U.S. shale production costs are soaring and there is no sign that tight-fisted investors will change their demands for returns rather than investment in expanding drilling. At Helmerich & Payne (HP.N), one of the largest drilling contractors, its R&D budget will rise only $1 million, from 2022's $27 million. The U.S. government expects overall oil production to reach a new peak next year, but it has several times this year cut its forecasts. Shale production declines rapidly after peaking compared to conventional oil wells, falling about 50% after the first year. Lower production rates are "a longer-term prospect," said Mike Oestmann, chief executive of shale producer Tall City Exploration.
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☆ Analysis: Energy hungry Europe can't look to U.S. shale to fill any OPEC gap
  + stars: | 2022-12-02 | by ( Laila Kearney Liz Hampton Arathy Somasekhar | Laila Kearney | Liz Hampton | ) www.reuters.com   time to read: +8 min
U.S. shale production costs are soaring and there is no sign that tight-fisted investors will change their demands for returns rather than investment in expanding drilling. At Helmerich & Payne (HP.N), one of the largest drilling contractors, its R&D budget will rise only $1 million, from 2022's $27 million. The U.S. government expects overall oil production to reach a new peak next year, but it has several times this year cut its forecasts. Shale production declines rapidly after peaking compared to conventional oil wells, falling about 50% after the first year. Lower production rates are "a longer-term prospect," said Mike Oestmann, chief executive of shale producer Tall City Exploration.
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