http://www.worldoil.com WorldOil Oil closes lower, despite mounting evidence of underlying market strength https://www.worldoil.com/news/2021/4/8/oil-closes-lower-despite-mounting-evidence-of-underlying-market-strength Oil closed lower Thursday, yet its underlying market structure firmed, as investors assessed the challenges to a global economic recovery. While OPEC ramps up production, U.S. oil output is projected to fall https://www.worldoil.com/news/2021/4/7/while-opec-ramps-up-production-us-oil-output-is-projected-to-fall With the U.S. unlikely to ever reach previous crude production levels, OPEC+ is moving to roll back part of their oil supply cuts in the coming months. Oxy CEO opposes carbon tax plans, in contrast to API and rival operators https://www.worldoil.com/news/2021/4/6/oxy-ceo-opposes-carbon-tax-plans-in-contrast-to-api-and-rival-operators “A carbon tax would be bad for a lot of the industry, a carbon tax would be bad for the consumers and especially for those consumers who are more disadvantaged from an economic standpoint,” Occidental CEO Vicki Hollub said at a conference hosted by Texas Independent Producers and Royalty Owners Association. U.S. oilfield service companies added 23,000 jobs in March https://www.worldoil.com/news/2021/4/6/us-oilfield-service-companies-added-23-000-jobs-in-march The monthly Oilfield Services and Equipment Employment Report, compiled and published by the Energy Workforce and Technology Council, estimates a peak of 102,000 pandemic-related job losses. Since then, the industry has gained back more than 23,000 jobs. Enbridge seeks Canadian tax credits to fund hydrogen and CO2 capture push https://www.worldoil.com/news/2021/4/6/enbridge-seeks-canadian-tax-credits-to-fund-hydrogen-and-co2-capture-push North America’s biggest oil pipeline company, which for years has invested in wind and solar power projects, is also looking at gaining scale and becoming competitive in technologies such as hydrogen production using renewable electricity. Global LNG demand climbs to year-long highs https://www.worldoil.com/news/2021/4/5/global-lng-demand-climbs-to-year-long-highs Imports jumped 5.8% in March from a year earlier, the biggest increase since March 2020. Demand for the fuel used in heating and power generation had been steadily growing before Covid-19, as nations shift away from coal-fired power over climate concerns. U.S. Interior chief reviewing “fundamentally broken” oil rights system https://www.worldoil.com/news/2021/4/2/us-interior-chief-reviewing-fundamentally-broken-oil-rights-system One day after the U.S. energy secretary phoned Saudi Arabia on the "importance of affordable and reliable energy for consumers," Interior Secretary Deb Haaland called the domestic fossil fuel industry "fundamentally broken," suggesting that Biden's oil and gas leasing moratorium will be anything but temporary. Drilling rig count climbs at fastest rate since the pandemic began https://www.worldoil.com/news/2021/4/1/drilling-rig-count-climbs-at-fastest-rate-since-the-pandemic-began Optimism has also been buoyed by expectations that global crude supplies won’t grow fast enough to satisfy demand as Covid-19 vaccinations proliferate and economies that shut down for the better part of a year begin reopening. OPEC agrees to slowly increase oil production on Covid recovery bet https://www.worldoil.com/news/2021/4/1/opec-agrees-to-slowly-increase-oil-production-on-covid-recovery-bet Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic. U.S. operators working down DUC backlog https://www.worldoil.com/magazine/2021/april-2021/features/us-operators-working-down-duc-backlog Despite a modest reduction in the DUC inventory, there are still 7,086 wells waiting on completion. With the industry in disarray, it has become increasingly likely that many of these horizontal boreholes may never be completed.