Articles tagged with "crude-oil"
Why Venezuela’s Oil Won’t Matter and Why Heavy Crude Is First Off the Market - CleanTechnica
The article from CleanTechnica challenges the common perception that Venezuela’s vast oil reserves significantly impact U.S. energy security, global oil prices, or the pace of decarbonization. It argues that this view is misleading because the main constraints on Venezuelan oil production are structural and physical rather than political. Venezuela’s crude oil is predominantly extra-heavy and sulfur-rich, located mainly in the Orinoco Belt, which makes extraction costly, slow, and technically challenging. Unlike light, sweet crude that dominates global markets and is easier to refine into gasoline and petrochemicals, Venezuela’s heavy crude requires blending with lighter hydrocarbons and more complex processing, limiting its marketability and economic viability. Despite Venezuela’s reported reserves of around 300 billion barrels—about 17% of the global total—much of this oil is not economically recoverable under current market conditions, which have shifted away from the high-demand, high-price environment of the past. The article also highlights that U.S. oil policy often relies
energyoil-industrycrude-oilheavy-crudeoil-reservesenergy-economicsdecarbonizationCrude Oil Prices Down In 2025 Due To Oversupply - CleanTechnica
The U.S. Energy Information Administration (EIA) projects that crude oil prices will decline throughout 2025 due to a persistent global oversupply. Despite Venezuela holding about 17-18% of the world’s crude oil reserves—more than Saudi Arabia—the report highlights that demand is weakening amid accelerating electrification of auto markets in China, Europe, and elsewhere. This shift, combined with slowing economic activity and trade tensions, has led to a surplus of crude oil, with global production outpacing consumption and resulting in significant inventory builds, particularly in the latter half of 2025. The EIA notes that crude oil prices are expected to fall from a high of $79 per barrel in January to a low of $63 per barrel in December, marking the lowest annual average price since early 2021. The report also underscores that these inventory increases—over 2.5 million barrels per day in the final two quarters—are the largest recorded since 2000, aside from the pandemic
energycrude-oiloil-pricesenergy-marketoil-supplyglobal-energy-trendsoil-demandRussia's Oil Exports Have Decreased Modestly Since 2022, Shifting Toward Asia - CleanTechnica
Between 2020 and the first half of 2025, Russia’s crude oil and condensate exports have modestly declined from an average of 5.0 million barrels per day (b/d) to 4.3 million b/d. While overall export volumes have remained relatively high, the geographic distribution of these exports has shifted significantly due to Russia’s full-scale invasion of Ukraine in February 2022. Europe’s share of Russian crude oil exports dropped sharply from 51% in 2020 to just 12% in 2024 and 11% in early 2025, with over half of the remaining European imports going to Türkiye. This reduction in exports to Europe has been offset by a substantial increase in exports to Asia and Oceania, which rose from 41% of Russia’s crude oil exports in 2020 to 81% in 2024. China and India have become the dominant importers in this region, with China increasing its imports by 500,
energyoil-exportscrude-oilRussia-energy-tradeAsia-energy-marketoil-sanctionsglobal-energy-trendsTrump Promised to ‘Drill, Baby, Drill.’ The New Rigs Are Nowhere to Be Found
The article examines the gap between former President Donald Trump’s campaign promise to “drill, baby, drill” and the current realities of U.S. oil and gas production under his administration. Despite efforts to roll back regulations, open more public lands for drilling at reduced royalty rates, and cut incentives for renewable energy, the increase in oil output has been modest and slower than under the previous Biden administration. Gasoline prices have remained relatively stable, and crude oil exports have actually declined compared to the previous year. The article highlights that energy markets are largely driven by global supply and demand dynamics rather than domestic policy alone. A key indicator of drilling activity, the weekly rig count published by Baker Hughes, shows a decline from 580 rigs at the start of Trump’s term to 542 recently, near a four-year low. This stagnation is largely attributed to crude oil prices hovering near the break-even point for new drilling (around $60 per barrel), combined with increased costs due to tariffs on steel and other
energyoil-drillingfossil-fuelsoil-pricesenergy-policyoil-rigscrude-oilU.S. Primary Energy Production, Consumption, and Exports Increased in 2024 - CleanTechnica
In 2024, the United States continued to produce more energy than it consumed, reaching a record high primary energy production of 30.9 quadrillion British thermal units (quads), a 4% increase from 2023. Energy consumption remained steady at 21.7 quads, resulting in the highest net energy exports on record at 9.3 quads. Total U.S. energy consumption was 94.2 quads, still below the peak of 99.0 quads set in 2007. Notably, renewable energy consumption rose by 5% to 8.6 quads, driven by biofuels, wind, and solar, while coal consumption fell to a historic low of 7.9 quads. Record production was achieved across multiple energy sources, including natural gas, crude oil, and natural gas plant liquids, contributing to a total U.S. energy production of 103.3 quads—the third consecutive year of record-breaking output
energyenergy-productionenergy-consumptionrenewable-energynatural-gascrude-oilenergy-exportsThe US Produced More Energy than Ever Before in 2024 - CleanTechnica
In 2024, the United States achieved a record high in total energy production, surpassing 103 quadrillion British thermal units (Btu), marking a 1% increase over the previous record set in 2023. Key contributors to this growth included natural gas, crude oil, natural gas plant liquids (NGPL), biofuels, solar, and wind energy, each setting new domestic production records. Natural gas remained the largest source of U.S. energy since 2011, accounting for nearly 38 trillion cubic feet in 2024, consistent with 2023 levels. Crude oil production also hit a record, increasing by 2%, primarily driven by output from the Permian Basin in New Mexico and Texas. Conversely, coal production declined to its lowest annual output since 1964, reflecting a long-term decrease since coal was the dominant energy source from 1984 through 2010. NGPLs, which include fuels like ethane and propane associated with natural gas, accounted for about 9% of total U.S. energy production and rose 7% from 2023, continuing a growth trend since 2005. Renewable energy sources such as biofuels, wind, and solar also set production records, contributing to the overall energy increase. Notably, biofuel production, including sustainable aviation fuels (SAF), reached 1.4 million barrels per day, a 6% rise from the previous year. The article highlights that while some traditional energy sources used primarily for electricity generation have peaked decades ago, the U.S. continues to diversify its energy mix with increasing contributions from renewables and cleaner fuels. The data referenced in the article comes from the U.S. Energy Information Administration and uses standardized energy units (Btu) to compare different energy types. The report underscores the ongoing transition in U.S. energy production, with fossil fuels like natural gas and oil still dominant but renewable and alternative energy sources growing rapidly. The article also encourages readers to engage with CleanTechnica’s content for further analysis and updates on energy trends.
energyrenewable-energyUS-energy-productionnatural-gascrude-oilbiofuelssolar-powerCrude oil climate toll slashed by 90% in US engineering breakthrough
energyemissions-reductioncrude-oilmembrane-technologysustainable-engineeringoil-processingMITU.S. EIA Forecasts World Oil Consumption Growth to Slow Amid Less Economic Activity - CleanTechnica
energyoil-consumptioneconomic-growthglobal-tradecrude-oilenergy-forecastU.S.-EIAUS EIA Forecasts World Oil Consumption Growth to Slow Amid Less Economic Activity
energyoil-consumptioneconomic-growthglobal-tradeenergy-forecastcrude-oilliquid-fuels