US oil and gas output on the rise
Surging crude prices prompted increased drilling activity last year, but debt and financing issues constrained growth
Drilling activity in the US increased by 51.3pc on an average yearly basis in 2022, driving crude production up to 11.9mn bl/d and marking a 6.4pc increase compared with the 11.2mn bl/d averaged in 2021. The increased output was augmented by US companies completing a large backlog of drilled-but-uncompleted (Duc) wells in two major oil shale basins. WTI started 2022 at $83.22/bl and climbed steadily throughout the year, despite rising interest rates, fears of economic recession and restricted Russian supply caused by the war in Ukraine. Crude prices hit a 15-year high in June 2022, at $114.84/bl, before falling back down and ending the year at $76.44/bl. The surge in commodity prices caused

Also in this section
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead