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Market rebalancing will be accompanied by a shift from contango to backwardation, but that will be a symptom of falling inventories not the cause.
The latest EIA drilling productivity report shows shale oil and gas production rising to 5.4 MMbbl/d and 22 MMcf/d, respectively, in June.
On the whole, the arrangement has suited both sides very well for the last 40 years.
More than $50 million was donated to more than 850 institutions in the U.S.
If OPEC decides to roll over its current agreement for a further six months without substantial changes, the decision may not boost prices much.
When it comes to showcasing what the industry has to offer, OTC never disappoints.
U.S. crude production is increasing at an annual rate of more than 1 MMbbl/d, comparable to the boom of 2012-2014.
Emissions from the energy sector in 2016 remained at 32.1 gigatonnes, the same level as in 2014 and 2015, according to the IEA.
Drilling costs increased by 7% between November 2016 and March 2017, according to preliminary data on producer prices from the U.S. Bureau of Labor Statistics.
Higher commodity prices have increased the value of Texas oil and gas as companies have put more people back to work for the upstream sector.
March imports were 9.17 MMbbl/d, well above December’s previous record of 8.57 MMbbl/d.
The prospects of additional oil and gas activity on federal land comes as a boon for the industry that has suffered from low oil prices in recent years.