USA Oil Output Expected to Average 14MM Bpd in 2027
The U.S. Energy Information Administration’s May 2024 short‑term energy outlook projects U.S. crude oil production, including lease condensate, to average 14.10 million barrels per day in 2027 – the first time the nation is expected to sustain output above 14 MMbpd. Historical data show the highest annual average was 13.586 MMbpd in 2025, with only three months ever exceeding 13.8 MMbpd, all in late 2025. The forecast attributes the rise to higher crude prices, especially from the Lower 48, which is slated to contribute 11.75 MMbpd, while the Gulf of Mexico and Alaska add 1.85 MMbpd and 0.50 MMbpd respectively. The EIA notes that price‑driven production growth typically lags by several months, particularly for shale operators.
Why Is the Oil Price Rising Today?
Oil prices are climbing as renewed geopolitical risk around Iran and the Strait of Hormuz adds a supply premium to crude markets. Analysts cite President Trump’s ambiguous Iran stance and the possibility of a cease‑fire as key sentiment drivers. Meanwhile,...
Democrat Lawmakers Probe Sable Campaign to Restart Santa Ynez Oil Flows
Democrat lawmakers from California have opened an inquiry into Sable Offshore Corp’s effort to restart the Santa Ynez offshore oil unit using presidential emergency powers. The Department of Energy ordered the restart, citing national‑security risks tied to foreign oil imports and...
SEFE to Book Its First LNG Supply From Canada
German utility SEFE Securing Energy for Europe signed a heads‑of‑agreement to buy up to 1 million metric tons of LNG per year from Canada’s Ksi Lisims LNG project for a 20‑year term. The deal marks the first Canadian LNG export destined for Europe...
IEA Sees Oil Investments Dropping for 3rd Year
The International Energy Agency says global oil project investments will dip below $500 billion in 2026, marking a third straight year of decline. The contraction occurs despite higher oil prices, as the US‑Israeli war on Iran shut the Strait of Hormuz,...
Petrofac Emirates Sold to Mason-Led Consortium
Petrofac Ltd, in administration since 2025, completed the divestment of its core engineering and construction business in the United Arab Emirates to a consortium led by Mason Capital Management and Pearlstone Alternative. The deal leaves Petrofac Emirates debt‑free, with CEO...
A Searing Asian Summer Will Add to Risk of Surging Gas Prices
The prolonged closure of the Strait of Hormuz has removed roughly one‑fifth of global LNG supply, keeping prices elevated but not yet at crisis levels. A hotter‑than‑normal Asian summer, amplified by an emerging El Niño, is expected to drive a rebound...
Ukraine Says It Targeted Yaroslavl Oil Refinery Again
Ukraine launched another long‑range drone strike on the 300,000‑barrel‑per‑day Yaroslavl oil refinery in central Russia, President Volodymyr Zelenskyy announced. Satellite data showed a fresh heat anomaly, suggesting a blaze, though Russian officials did not confirm damage. The refinery has already endured...
First Oil Tanker to Exit Hormuz Since War Expected in Japan
Japan announced that the Idemitsu Maru, a very large crude carrier, became the first Persian Gulf oil tanker to transit the Strait of Hormuz since the Iran‑Israel war began. The vessel is hauling roughly 2 million barrels of Saudi crude and could...
Conoco Says Venezuela Bid to Woo Oil Firms Falls Short
ConocoPhillips CEO Ryan Lance warned that Venezuela’s revised oil law still permits up to 30% royalties and a 95% government take, which falls far short of attracting foreign investment. The interim government’s proposed contracts heavily favor the state on arbitration,...
Vitol Overtakes Shell in Ranking of USA Physical Gas Traders
Vitol Group surged ahead in U.S. physical natural‑gas trading in 2025, posting a 14% volume increase that lifted it past Shell Plc among the top ten traders. The growth outpaced all rivals except Koch Energy and matched Citadel’s 10.4 billion cubic...
Phillips 66 to Proceed with Two New Processing Plants
Phillips 66 approved two midstream projects—a 300 MMcfd Zeus gas plant and a 100,000 bpd Coastal Bend NGL fractionator—targeting 2028 startup. The Zeus plant will be fed by the new 45‑mile Midland Express (MEX) pipeline, which can move up to 230 MMcfd and offers bi‑directional...
USA EIA Lowers Henry Hub Price Forecast for 2026, 2027
The U.S. Energy Information Administration (EIA) reduced its Henry Hub spot price outlook, projecting an average of $3.50 per MMBtu in 2026 and $3.18 in 2027, down from its April forecasts of $3.67 and $3.59 respectively. The revised STEO also...
Iran War Prompts Nigeria Producers to Lift Oil Output
The outbreak of the Iran‑War has tightened global crude supplies, prompting Nigeria’s smaller oil producers to accelerate output expansion. Companies such as Oando, Petralon, Pan Ocean and Newcross are collectively targeting an additional 200,000‑300,000 barrels per day, pushing national production...
Why Is Oil Moving Lower Today?
Oil prices slipped as markets processed U.S.-Iran diplomatic signals and mixed U.S. economic data. President Trump’s remarks lowered the immediate strike risk but left a geopolitical premium, while IEA data showed global supply fell 1.8 million barrels per day in April,...