#oil-production

#oil-production

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

India remains "vulnerable" and lacking in energy security until it can produce at least 50% of its own oil. Billionaire industrialist Anil Agarwal believes India can grow to produce enough oil to meet 30% of its domestic demand within a few years.

California lawmakers introduced a last-minute deal that would streamline environmental approvals for up to 2,000 new wells annually in oil-rich Kern County, while tightening the regulatory requirements for offshore drilling. The looming closure of two California refineries has become a sore spot for Gov. Gavin Newsom and for California Democrats, pitting their longtime clean-energy goals against concerns about the rising cost of living.

The number of operating US oil and gas rigs held flat at 539 last week, hovering near four-year lows and down 47 rigs in the last 12 months.

"It's alarming that no agency comprehensively looked at the environmental risks of restarting this aging, corroded pipeline, and that Sable steamrolled over orders to halt construction."

Nations with outsized oil production like the US and Saudi Arabia gain economic and military strength, serving as a key indicator of their power on the global stage.