The pending collapse of Venezuela poses serious short- and long-term challenges for oil markets, but it also contains a silver lining for the OPEC cartel. Venezuelan oil production has been in decline for the past decade, but output has plunged rapidly in recent months as the OPEC mem
Since Washington lifted the decades-old restrictions on the export of U.S. crude oil more than two years ago, overseas trade in oil has boomed. The United States is now exporting about 2 million barrels a day of crude oil, making America a major supplier in international oil markets.
Two years ago, then-candidate Donald Trump laid out an “America First” energy plan, stating that under his presidency, “American energy dominance will be declared a strategic, economic and foreign policy goal of the United States. It’s about time.” Making good on that promise two mont
The latest long-term forecast from the U.S. Energy Information Administration (EIA) for domestic oil production has America on track to achieve the type of “energy dominance” long touted by President Trump. It’s already commonly understood across the industry that domestic oil output
When oil prices cratered from the high $80s in 2014 to below $40 in 2016, the U.S. upstream sector went looking for a rallying cry, and “$50 is the new $80” became the mantra. Oil prices of $80 and higher had funded massive capital budgets and expansive drilling programs across the Lo