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Oil and gas producers will need to step up drilling to sustain or increase output due to rapid declines in production from existing wells, the U.S. Energy Information Administration said on Tuesday. WHY IT MATTERS The U.S. is the world's largest producer, with oil production touching a record 13.8 million barrels per day in August. However, weak oil prices and rising costs have pushed energy companies to cut billions in spending and moderate drilling, slowing production [Read more]

VANCOUVER - British Columbia Premier David Eby and coastal First Nations have signed a declaration calling on the federal government to maintain an oil tanker ban off the province's north coast. Eby says one oil spill in the area would destroy billions of dollars in economic activity along the coast, with no technology available to clean it up. Alberta Premier Danielle Smith has been calling for the tanker ban to be repealed as part of her government's proposal to build an oil pipeline to [Read more]

U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.2 million barrels to 421.2 million barrels in the week ended October 31, the EIA said, compared with analysts' expectations in a Reuters poll for a 603,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub increased by 300,000 barrels last week, the EIA said. Oil futures pared losses despite data showing a [Read more]

U.S. field production of crude oil rose to a record high for a second week in a row last week, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Wednesday. EIA said output reached 13.651 million barrels per day (bpd) during the week ended October 31, topping the prior all-time high of 13.644 million bpd during the week ended October 24. The agency also said gasoline stockpiles in the U.S. Midwest region fell to a record of 42.536 million barrels [Read more]