Inventories of U.S. crude oil rose in part due to a sharp hike in net crude imports. Exports fell last week after reaching a weekly record in the previous week.
Oil fell on May 23, under pressure from a potential increase in OPEC crude output to cool the market’s recent rally and cover any shortfalls in supply from Iran and Venezuela.
An oilfield service worker shortage is helping drive up service costs for oil producers, especially in the hottest shale fields.
Crude production in the U.S. continued to grow to record highs, rising 20,000 bbl/d to 10.72 million bbl/d last week, the EIA said.
The cost of developing existing reserves and the amount of carbon those reserves produce has now become more important, they said. This is leading to a profound shift in company strategies.
If American investors hesitate, Europeans are likely to move quickly on the promising U.S. wind and solar market.
Oil inventories in the world's richest nations have now fallen below the five-year average at a level targeted by OPEC and its partners as the group restrains crude output for a second year.
Meanwhile, RS Energy Group's Trevor Sloan said he has found fluid intensity in Permian Basin completions to be moderating to declining—counter to other plays.
Statement leads to questions about whether OPEC will back off from its production limits.
U.S. shale production is expected to rise by about 145,000 barrels per day (bbl/d) to a record 7.18 million barrels per day (MMbbl/d) in June, the U.S. Energy Information Administration (EIA) said on May 14.