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Oil production

More oil, fewer rigs: how the U.S. became the world's top producer

by Henry Epp
Mar 5, 2024
New, more productive technology helped, along with pressure for profits.
U.S. oil production continues to break records, even though the number of active rigs has fallen by nearly 70% in the past decade.
George Rose/Getty Images
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Oil-rich Permian Basin attracts buyers with resources

by Lily Jamali
Jan 1, 2024
Big companies have been paying billions to acquire smaller competitors — and their drilling rights.
A mural depicting oil drilling adorns a building in Odessa, Texas. The Permian Basin region has helped the U.S. become the world's top oil producer.
Joe Raedle/Getty Images
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Angola is leaving OPEC. What does that mean for the cartel?

by Kristin Schwab
Dec 26, 2023
The split was Angola’s idea. What does it mean for OPEC — the group of oil-producing developing nations — and for the country?
Angola's oil production has been roughly halved since the early 2000s. Above, an oil production storage and offloading vessel off the coast of Angola.
Rodger Bosch/AFP via Getty Images
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U.S. oil producers have increased production, frustrating OPEC's efforts to prop up oil prices

by Justin Ho
Dec 20, 2023
Domestic oil production is running around a million barrels a day ahead of predictions.
This time last year, cuts by OPEC helped push oil prices above $80 a barrel. American producers took notice.
Frederic J. Brown/AFP via Getty Images
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UAE intended to use COP28 climate summit to push oil deals

by Justin Rowlatt
Nov 27, 2023
Leaked documents obtained by the BBC show the United Arab Emirates, a major fossil fuel producer, was looking to strike oil deals at COP28.
New documents obtained by the BBC show that the United Arab Emirates planned do business deals involving oil and gas at COP28. Above, an oil drill pump in Dubai.
Giuseppe Cacace/AFP via Getty Images
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Delay of OPEC+ meeting leaves questions about oil supply cuts

by Henry Epp
Nov 22, 2023
The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.
A lot of OPEC countries would really like it if the price of oil was a bit higher.
Joe Klamar/AFP via Getty Images
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Exxon is shelling out $60B to double its Permian production. Why there?

by Elizabeth Trovall
Oct 12, 2023
The Permian Basin, which runs through West Texas and New Mexico, produces more oil than most countries.
If the Permian Basin were its own country, it would be among the top five oil producers in the world, said Karr Ingham with the Texas Alliance of Energy Producers. Above, an oil pumpjack in Odessa, Texas.
Joe Raedle/Getty Images
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Saudis cut oil production — but that might not lead to higher gas prices

by Mitchell Hartman
Jun 5, 2023
Cutting production usually leads to an increase in prices. Here's why that might not be the case this time.
Stefani Reynolds/AFP via Getty Images
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OPEC grapples with sliding oil prices

by Lily Jamali
May 10, 2023
The cartel releases its monthly oil market report on Thursday.
Despite the fact that OPEC nations cut oil production last month, oil prices are largely back to where they were in early April.
Joe Kalmar/AFP via Getty Images
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OPEC+ agrees to boost oil production. But probably not enough to lower prices.

by Justin Ho
Aug 3, 2022
The small increase of 100,00 barrels a day may be a sign that the cartel thinks a recession is coming.
By pledging to increase output by just 100,000 barrels a day, OPEC could be implying that it expects demand for oil to fall. Above, OPEC's headquarters in Vienna.
Joe Klamar/AFP via Getty Images
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