COP is moving ahead with the Willow field development in Alaska. this while the US produced more oil than ever and is combining with Guyana, Venezuela, and others to negate the OPEC cartel control of the market. ConocoPhillips to move ahead with massive ~$8B Willow oil project (msn.com) U.S. oil major ConocoPhillips (NYSE:COP) on Friday said it would move forward with its huge $7.5B Willow undertaking in Alaska, paving the way for the production of about 600M barrels across the lifetime of the project. COP's announcement comes over a month after a federal judge in Alaska upheld the Biden administration's approval of the oil and gas drilling project, rejecting claims by environmental and indigenous groups over a potential climate threat. ................................................. ConocoPhillips (COP) said its final investment decision approved the project and funds construction needed to reach first oil. "With this project authorization, we’ve begun winter construction and Alaskans have started to receive the benefits from responsible energy development,” the company's top boss Ryan Lance said in a statement. The company said that the Willow project was projected to deliver $8B to $17B in new revenue for the federal government, the state of Alaska and its native communities, citing data from the Bureau of Land Management.
OPEC Is Losing Its Mojo on Wall Street (msn.com) Pushing OPEC+ to this point: a flood of fresh petroleum gushing from the West Texas desert and undersea wells off South America’s coast. Global oil demand has grown by a robust 1.9 million barrels a day this year, according to S&P Global Commodity Insights. New supply from non-OPEC+ countries has swelled by 2.5 million barrels a day, mostly due to record production in the U.S., Brazil and Guyana. That is driving the effort to boost prices. Saudi Arabia needs a fiscal break-even oil price of as much as $88 a barrel, according to Goldman Sachs, to fund a continuing makeover of the kingdom’s petroleum-dependent economy. The cuts have left OPEC+ with at least six million barrels a day of idle production capacity, said Harry Altham, an oil analyst at StoneX Group. The depth of the reductions, their failure to raise prices and the temptation to tap in to that spare capacity for profit will make it harder than usual for the alliance to keep output under its target, said Vikas Dwivedi, global oil and gas strategist at Macquarie Group.
Interesting. I have an article cued up for reading about how Warren Buffett is real bullish on oil for the coming decade. I wonder How much this Alaska business has to do with that.
As much as most don't want to say it out loud, the current grid is woefully insufficient for the proliferation of EV’s initially envisioned, and something has to “fuel” the expansion of all the battery and EV production facilities, etc. Somewhat ironic
