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OIL AND GAS
U.S. oil production holding steady
by Daniel J. Graeber
Washington (UPI) Jan 8, 2015


disclaimer: image is for illustration purposes only

U.S. crude oil production increased slightly for the week ending Jan. 2 despite a decline in rig activity and slumping prices, government data show.

The U.S. Energy Information Administration said in a weekly petroleum status report total U.S. oil production was 9.13 million barrels per day for the week ending Jan. 2, up about 11,000 bpd from the previous week.

Production from the Lower 48 was behind the entire gain as output from Alaska was unchanged from the previous week.

Oil prices are at the point where some companies working in U.S. shale basins and elsewhere in North America are cutting back on spending programs. Oil services company Baker Hughes in its latest assessment of the exploration and production sector in the United States found rig activity was on the decline.

Shale-rich states like North Dakota are behind the drive in output from the Lower 48. State data, however, show rig activity on the decline. The state's Department of Mineral Resources said there were 166 active rigs as of Wednesday, a 14 percent decline from September.

Data show production from the United States holding steady, however. For the week ending Dec. 26, EIA found Alaskan oil production was down about 6,000 barrels per day, while output from the Lower 48 was steady at 8.6 million bpd.


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OIL AND GAS
Oil mixed in Wednesday session
New York (UPI) Jan 7, 2015
Mixed news on the economic and oil front Wednesday left markets in limbo, with key indices searching for traction after hitting historic lows. The price for Brent, the global crude oil benchmark, recovered from a brief slump below the $50 per barrel mark to fetch around $51 for the February contract. Despite the early morning rebound, Brent prices are off about half from their June valu ... read more


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