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US Oil Gushes Ahead: Record Production in 2024
Barrel Hub
December 22, 2023
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The good, the bad, and the ugly of Texas oil production.
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Daily Bulletin
Futures Curve
Lone Star Stories
The US is set to lead global oil supply in 2024, producing more oil than any country in history, while Texas continues to break production records. Global crude oil demand is expected to reach a record high in 2024, but will be easily met by the growth in non-OPEC+ production, setting a new equilibrium for oil prices between $75-$100 per barrel.
New Mexico will initially pay over $30 million to plug 299 non-producing oil wells of Ridgeway Arizona Oil Corp, which will reimburse the state at $30,000 per month, potentially extending beyond 83 years. This rare settlement highlights the challenges in managing abandoned wells and calls for updates to New Mexico's Oil and Gas Act to better protect state interests and the environment.
Reader Question of the Day
What new methods are being developed for early detection and containment of subsea oil leaks?
Innovative methods for early detection of subsea oil leaks involve using underwater drones equipped with special sensors. These drones constantly patrol around oil rigs and pipelines, scanning for any signs of oil in the water. It's like having vigilant guards on watch, ready to alert at the first hint of a problem.
For containment, new rapid-deployment barriers are being developed. These barriers can quickly encircle and contain a leak, much like throwing a net over a spill to stop it from spreading. This quick response approach is crucial in minimizing the environmental impact of any potential leaks, making underwater oil operations safer and more secure.
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