The U.S. Energy Information Administration (EIA) expects recent developments in global trade policy and oil production to contribute to lower global demand for petroleum products through 2026, contributing to lower oil prices than it previously forecast. In its May Short-Term Energy Outlook[...]
Tag: Oil & Gas
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OPEC+ to accelerate oil output, potentially lowering oil prices despite Russian reliance, Reuters reports
Oil diplomacy is taking a sharp turn. Saudi Arabia, long the stabilizer in global energy markets, is now shifting gears—punishing fellow OPEC+ members like Iraq and Kazakhstan for breaking production quotas. The kingdom is ramping up supply instead of cutting back, pushing[...]
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EIA expects less oil demand and lower oil and gasoline prices in an uncertain market
Global oil prices are headed lower — and gas prices may follow — according to the latest forecast from the U.S. Energy Information Administration. The new report cites slower demand growth, rising oil production, and recent trade policy shifts as key factors[...]
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Ruptured Keystone pipeline segment isolated, spill cleanup ongoing
A pipeline rupture in rural North Dakota has spilled more than 3,500 barrels of crude oil — but officials say the leak is contained and cleanup is underway. The spill happened southwest of Fargo along the Keystone pipeline, which carries Canadian oil[...]
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Federal judge dismisses Standing Rock’s latest lawsuit over Dakota Access Pipeline
A federal judge has dismissed the Standing Rock Sioux Tribe’s latest effort to shut down the Dakota Access Pipeline, ruling that the tribe must wait until the U.S. Army Corps of Engineers completes its long-delayed environmental impact study. Despite frustrations over years[...]
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Directors Cut: North Dakota Oil Activity Dips Slightly but Remains Above Forecast
Each month, North Dakota Mineral Resources Director Nathan Anderson and Pipeline Authority Director Justin Kringstad release the “Director’s Cut,” offering a detailed look at the state’s oil and gas sector. The March 2025 update, covering January data, shows production dipped slightly but[...]
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EIA forecasts lower oil price in 2025 amid significant market uncertainties
Uncertain demand and extra supply is likely to dominate the energy markets in the near future; that means lower prices are likely. In 2024, the benchmark Brent crude averaged $81 per barrel, but it’s forecasted to dip to $74 in 2025 and[...]
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ND Dept. of Mineral Resources Directors Cut: Production at 1.22 Million Barrels Per Day
The Department of Mineral Resources (DMR) Director Nathan Anderson presented the January 2025 Director’s Cut, detailing November 2024 oil and gas production statistics for North Dakota. With steady production and continued efficiency gains, the report highlights a stable outlook for the state’s[...]
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Oil companies place no bids in Alaska wildlife refuge drilling auction
The allure of Alaska’s Arctic National Wildlife Refuge has met an unusual silence. The recent oil and gas lease auction, set against this rugged backdrop, attracted zero interest from energy companies. Why? High development costs and the tricky optics of drilling in[...]
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ND Department of Mineral Resources Releases Report on Three Forks, Estimated $17.5 Billion Recoverable
The North Dakota Department of Mineral Resources released the findings of a 2024 study evaluating the recoverable oil resources of the Middle Three Forks formation. To quickly summarize, there’s an estimated additional 250 million barrels of recoverable oil in the formation. West[...]
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Oil climbs on weaker dollar, but rise in U.S. drilling drags
The number of active drilling rigs in the U.S. has been growing in recent months and so has the oil output. Both have combined to put downward pressure on the price of oil which has recently risen above the lows produced by[...]
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Oil up sharply as OPEC finalizes first output cut since 2008
The glut in world oil supply, which in turn led to the price of oil plummeting since mid-2014, may be behind us. OPEC, a cartel of loosely organized countries with a direct interest in maintaining higher oil prices has a tentative agreement[...]
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Dealing with low oil, Bakken operators look for new tech
Luke Geiver provides the recap on the monthly update provided by Mineral Resource director Lynn Helms. Of note, producers are still investing in technology to improve efficiency, and the price point required to see increased activity is $40-50 per barrel. [...]Read More...[...]
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Forecasting Oil Markets has Proven Risky Business
The big news these days is the budget impact the low oil price is having on North Dakota. It’s a symptom of an old problem, those forecasting for oil markets is notoriously bad. The article linked below is a comprehensive look at[...]
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Implications of an Extended Period of Low Price Oil
As oil prices continue to drop and the downturn starts to feel more like near-term reality versus cyclical period, there are real financial consequences for those working and speculating in the oil industry. Reuters provides an in-depth look at what may be[...]
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St. Paul Park Refinery increasingly focuses on Bakken oil
The make-up of Bakken crude oil (light compared to crude oil from other sources) creates some added set-up costs for refineries that want to switch to processing it, but for one St. Paul refinery investing in that added capability has been a smart[...]