American Energy Alliance President Tom Pyle addresses what he calls the hot air coming out of Washington over the Green New Deal. He talks about setting the record straight on the "great story to tell" from the fossil fuels sector in cleaning up air quality in this interview with Hart Energy. In other news, U.S. oil production has already set a record in Texas and U.S. records are expected over the next two years. And, will WTI really go higher than $70s by the end of the year?
Demand from IMO 2020, a crazy-productive Permian and a midstream sector scampering to keep up will combine to fuel a red-hot industry in 2019.
The increase in U.S. crude inventories came despite falling net imports, which dropped to the lowest on record, as domestic oil production remained at peak levels.
OPEC this week said it had cut oil production steeply under a global supply deal, curbing output by almost 800,000 barrels per day in January to 30.81 million barrels per day.
The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with production cuts and U.S. sanctions on Venezuela and Iran, the IEA says.
Oil production in the U.S. has surged, boosted by technology to unlock production from shale formations, and is expected to hit a record 12.41 million barrels per day this year.
OPEC cut its oil forecast for 2019 world economic growth by 0.2 percentage point to 3.3% and highlighted a range of headwinds such as a slowdown in global trade.
Saudi Arabia plans to produce around 9.8 million barrels per day (MMbbl/d) of oil in March, Energy Minister Khalid al-Falih told the Financial Times.