The Oil Industry in 2013

Oil and Gas Industry With 2013 in the history books, it’s time to take a look back at the year that was in the oil and gas industry.

Overall, it was a banner year for oil production in America. The U.S. Energy Information Administration has reported that 2013 marked the highest annual increase in oil production in our history, producing over 7.5 million barrels a day more than the previous year. As we’ve previously mentioned, much of this can be attributed to the uptick in oil production right here in Texas mainly from the Eagle Ford formation and the Permian Basin.

The rousing successes of the large shale plays in America have led the way in a worldwide trend. The U.S. Energy Information Administration has estimated that 10 percent of the world’s crude oil resides in shale worldwide. Countries such as England, Mexico, and Saudi Arabia have begun exploring their own shale formations in light of this success.

Venezuela continues to limp when it comes to oil production. Since Hugo Chavez took office in 1999, the country’s oil production has continued to drop annually. Some reports indicate that oil exports have dropped by half since that time. In 2013, the trend continued, as oil production fell by 235,000 barrels a day. With Hugo Chavez’s passing in March, it remains to be seen how Venezuela’s oil production will change in the new year.

In Russia, all signs pointed at it being a good year in terms of oil production. Russia produced more than 530 metric tons of oil in 2013, several tones higher than their 2012 output. Vladimir Putin even went on record saying that production is the best it has since the 1990s. To help spur this growth, Russia had implemented several new laws to help increase oil production.

China surpassed America as the largest crude oil importer. With a billion more people in its borders than America, this doesn’t come as quite a surprise. Some may even wonder why it took so long. Overall, China imported 280 million metric tons of crude oil in 2013, a four percent increase compared to the previous year.

It was an exciting year in the oil and gas industry. Overall, oil production worldwide is trending upward. In 2014, if you are interested in selling your oil or gas royalties, don’t hesitate to contact us.

Universal Royalty Company   |   Toll Free: (877) 599-0028   |   P.O. Box 12167, Dallas TX 75225   |   Privacy Policy
© 2013 Universal Royalty Company.