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Year-to-date through July 2023, TX accounts for 43.3% of all oil production and 27.4% of all natural gas marketed production in the country.

Report: Texas oil and natural gas industry breaks decades-old production records

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The powerhouse of the U.S. energy sector—the Texas oil and natural gas industry—reached a new record production high in June and July, surpassing all-time highs set 30 and 40 years ago, according to an energy economics analysis published by Texas Oil & Gas Association.

The analysis, conducted by TXOG’s Chief Economist Dean Foreman, Ph.D., shows that Texas’ production of oil, natural gas, and natural gas liquids broke previous records and that resource reserves are expected to support decades of prospective production. It also highlights a range of records broken in May, also surpassing previous 30- and 40-year-old highs.

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Source: The Center Square

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The US and its core allies see rising oil and gas prices as serious economic and political threats to them.

Why OPEC+ will do whatever it can to send oil prices higher

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The relentless drive of OPEC+ to keep driving oil prices higher, as predicted by OilPrice.com some time ago, was seen again in last week’s extension of major additional cuts made to the initial reductions in output first put into place last October. On 3 August, the de facto leader of the OPEC part of the group, Saudi Arabia, announced it will continue the additional 1 million barrel per day (bpd) cut in production that it announced in June through into September at least. Russia, looking to quietly sell its oil at a discount to the OPEC+ rate through backdoor channels, as also analysed by OilPrice.com, said it will taper its 500,000 bpd additional export cut for August to 300,000 bpd in September. These extended cuts come on top of the 3.66 million bpd in collective cuts from the OPEC+ oil cartel implemented since October 2022. The key questions now are: will OPEC+ keep oil prices rising through further production cuts and, if so, what can the West do about it?

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Source: Oil Price

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US oil and gas output still rising in response to high prices last year

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 U.S. oil and gas production continued to rise strongly in March – the delayed impact of very high prices that prevailed until the third quarter of 2022.

Oil output increased by 171,000 barrels per day (b/d) in March compared with February, according to the U.S. Energy Information Administration (“Petroleum supply monthly”, EIA, May 31).

The gains were led by the Lower 48 states (+137,000 b/d) and Gulf of Mexico (+45,000 b/d), which more than offset lower production from Alaska (-11,000 b/d).

Output rose by almost 10% in the first three months of 2023, compared with the same period a year earlier, and was the second-highest for the time of year after 2020.

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Source: Reuters

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