Saudi Press

Saudi Arabia and the world
Friday, Jul 11, 2025

Oil Updates — Crude ticks up; US crude output fell in December to lowest  

Oil Updates — Crude ticks up; US crude output fell in December to lowest  

Oil prices extended gains for a second session on Wednesday after a strong jump in manufacturing in China, the world’s top crude importer, boosted the outlook for global fuel demand.
Brent crude futures for May rose $1.44, or 1.75 percent, to $83.89 a barrel at 11.20 a.m. Saudi time. US West Texas Intermediate crude for April gained 49 cents, or 0.64 percent, to $77.54 a barrel.

Russia’s Gazprom to reduce oil production by 500,000 bpd

Alexander Dyukov, CEO of Russian energy firm Gazprom has announced the firm’s intention to reduce oil production by 500,000 barrels per day.

According to the CEO, the output cut is designed to balance the oil market in the face of a global surplus.

He added that the likely oil price will range from $80-$110 per barrel in 2023.

US crude output fell in December to lowest since August 2022: EIA

US crude oil production fell in December to 12.10 million barrels per day, its lowest since August 2022, Energy Information Administration data showed on Tuesday.

Among the top oil-producing states, monthly output in Texas sank 1.2 percent to 5.15 million bpd, also its lowest since August 2022, the EIA said.

In North Dakota, output sank 12.5 percent to about 950,000 bpd, its lowest since April 2022.

In New Mexico, output grew 2.7 percent to 1.77 million bpd, the highest on record, the EIA said.

Meanwhile, product supplied — a proxy for demand — of crude and petroleum products fell in December to 19.49 million bpd, the lowest since March 2021, the EIA said.

Product supplied of finished motor gasoline fell in December to 8.57 million bpd, the lowest since January 2022, the EIA said.

Gross natural gas production in the US Lower 48 states dropped by 3.1 billion cubic feet per day to 109.2 bcfd in December from a record 112.3 bcfd in November, according to EIA’s monthly 914 production report.

That was the biggest monthly drop since output plunged by a record 7.9 bcfd during the February freeze of 2021.

In top gas-producing states, monthly output in December fell 1.6 percent to 31.3 bcfd in Texas and 2.3 percent to 19.7 bcfd in Pennsylvania.

Gas output hit a record high of 31.9 bcfd in Texas in October 2022 and 21.8 bcfd in Pennsylvania in December 2021.

Chevron’s output gains in Venezuela limited by political risk: CEO

Chevron Corp. is producing about 90,000 barrels per day from its Venezuelan oil joint ventures, nearly double the daily output in 2022, CEO Michael Wirth said on Tuesday, warning that political risks could limit further gains.

The largest US producer still operating in Venezuela, which is under US sanctions, has returned some employees to operations in the South American country under an authorization from Washington.

Output is running at about 90,000 bpd, compared to the 50,000 bpd before the easing last year of the US sanctions. Chevron received a six-month US license last November that can be automatically renewed monthly.

But Chevron’s production from Venezuela could remain modest, Wirth said, with the result of future elections still a factor.

“I would expect us to go slow” in Venezuela, Wirth told analysts during the company’s annual investor day, adding that output “is a little bit higher than that 90,000 bpd probably today.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×