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This report provides an overview of global oil and natural gas market trends, including price changes, production data, and geopolitical developments impacting energy. Despite geopolitical risks, wall street banks have lowered their oil price forecasts for later this year and the first quarter of 2026, expecting the glut to depress prices. And canadian rig count and drilling data, and use oilprice.com's graphing tools to compare oil prices, frac spread, production and drilling data per basin or province.
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Crude oil prices extended their thursday gains earlier today, set for a weekly rise as the prospect of peace in the ukraine dimmed amid seemingly incompatible demands from the warring parties. They also spoke of their plans to raise that output even further. Crude oil production from onshore federal lands reached a record high in 2024, largely driven by increased activity in new mexico's permian basin, while offshore production growth remained.
Oil production may have peaked, signaling the end of the shale boom
Diamondback energy and other major players report reduced drilling and fracking activity in the permian basin. As oil prices continue their downward slide, major energy companies are taking a hit The ripple effects of last week’s tariff announcements and recession fears are weighing heavily on the sector. Last year, supermajors reported record oil and natural gas output from the top shale basin, the permian
