05-03-2017, 11:01 PM
The U.S. is in the position to be energy-dominant, not just independent, thanks to fracing and plans to loosen drilling regulations, Interior Secretary Ryan Zinke said Monday. Oil production across the U.S. may increase by 17% to a record 10.24 MMbpd by the end of next year as companies cut costs and become more efficient in drilling, especially in areas such as West Texas and North Dakota. Domestic output hasn’t surpassed 10 MMbopd since 1970. At a time when OPEC and other producers are cutting output, U.S. exports surged above 1 MMbpod for the first time.
Trump's U.S. looks past energy independence, to global dominance
Oil fell, approaching the lowest in more than a month as fuel-stockpile gains are seen offsetting an expected increase in U.S. crude supply. Futures fell as much as 0.7% in New York. U.S. crude supplies are forecast to have decreased for a fourth week, while inventories of gasoline and distillate fuel are seen rising, according to a Bloomberg survey before a report from the Energy Information Administration on Wednesday. Prices rose earlier after data showed Russia’s oil production continued to decline in April as the country implements curbs agreed to with OPEC. Those cuts have yet to translate into lower stockpiles.
Oil falls as expected U.S. fuel-supply gain counters crude drop
Total and the Republic of Senegal have signed two agreements enabling Total to contribute to the exploration activities in Senegal’s deep and ultra-deep offshore. “An established player in refining and marketing in Senegal, Total is delighted to expand its presence in the country in the exploration & production segment. These agreements are part of the Group’s strategy to carry out exploration activities in new deepwater basins in Africa and leverage our world renowned expertise. Total is pleased to be bringing our know-how to the promising exploration zones in Senegal,” said Patrick Pouyanné, chairman and CEO of Total, following his meeting with the President of the Republic of Senegal.
Total signs agreements to explore Senegal's deepwater potential
Has OPEC failed? That’s the question analysts have begun to ask, approaching the group’s next meeting later this month. When the members gather at their headquarters in Vienna, it will likely be to agree on an extension of production cuts in place since January. Those cuts, originally intended to re-balance markets and boost prices, had an initial positive effect but their ultimate impact has been difficult to measure, as inventories have declined only gradually while global oil shipments have increased. New production from outside of OPEC, particularly in the United States, has kept global inventories high.
All Eyes On Saudi Arabia As OPEC Begins To Unravel | OilPrice.com