Markets

The US achieved a remarkable milestone in 2023, surpassing all previous records to average 12.9MM b/d of oil production, attributed to technological advancements such as fracking and horizontal drilling.

The oil industry is undergoing a transformation propelled by the adoption of digital technologies, particularly artificial intelligence (AI), which is revolutionizing operations and driving efficiency.

For the sixth consecutive year, the US asserts its dominance as the world's leading oil producer, a feat validated by the Energy Information Administration (EIA) reporting record-breaking crude oil production levels.

ExxonMobil's recent move to file for arbitration over its rights to Hess's Guyana oil and gas assets has injected complexity into Chevron's $53 billion acquisition of Hess Corp.

In a dramatic twist, ExxonMobil has thrown down the gauntlet against Chevron's $53B acquisition of Hess Corp, specifically challenging the terms related to a 30% stake in a significant Guyana oil block.

In response to the largest wildfire in Texas history, the Texas oil and gas sector faces potential disruptions, prompting industry players to enact emergency measures.

The key is to be proactive, not reactive, in addressing future problems as former General Electric CEO Jack Welch aptly stated, 'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.

Amid the intricate web of OPEC+ activities, the question arises: are OPEC+ members disregarding the 2024 production cuts?

A recent survey conducted by S&P Global Platts has revealed that oil production within the OPEC+ group experienced the most significant drop in six months during Jan.

Norway's oil dynamics are undergoing pivotal changes, marked by unexpected projections for the decline of Europe's top oil field, Johan Sverdrup, and Equinor's commitment to stable production up to 2035.