The U.S. Gulf of America (GOA) is expected to reach record levels of oil and gas production in 2026. However, significant declines are forecast to begin in 2027. The Energy Information Administration expects domestic offshore oil production to slip from roughly 1.98 million barrels per day in 2026 to about 1.86 million barrels per day…
The announcement of a preliminary peace agreement between the United States and Iran has delivered an immediate and dramatic jolt to global oil markets. The scale of this correction is significant: Brent crude futures have fallen roughly 30% from their mid-crisis peak, settling around $80 per barrel, about $10 above where oil was trading when…
The 2026 oil price outlook from major energy analysts has fluctuated more sharply than at any point since 2020. Coming into the year, the consensus view was markedly bearish. The International Energy Agency had projected global supply to outpace demand by roughly 3.7 million barrels per day, a surplus not seen since the 2015-2016 price…
In the midst of the disruption to the global oil supply due to the Iran War, the GOA deepwater industry could reinforce its position as one of the most strategically advantaged oil and gas basins in the world. With the uncertainty of vessel traffic through the Strait of Hormuz disrupting roughly 20% of global oil…
On March 18, 2026, the Trump administration announced a 60-day suspension of the Jones Act in response to the global energy crisis triggered by the ongoing Iran War and the effective closure of the Strait of Hormuz. The Jones Act, a century-old maritime law requiring that goods shipped between U.S. ports be carried on vessels…
During mid-February, the Trump administration put forward its Maritime Action Plan (MAP) as part of Executive Order No. 14269, “Restoring America’s Maritime Dominance.” There is a real need to increase investment in American shipbuilding and shipping, and the MAP lays out the critical actions required to accomplish this. It does not take much research into…
There are emerging headwinds in the offshore oil and gas industry in the Gulf of America that many operators are citing as challenges to growth in activity in the region. Among these challenges are the rising costs associated with drilling wells in the GOA. Data presented at a recent industry association meeting indicated that the…
Both the ABS Offshore Support Vessel Forum and the WBS were very well attended. In my opinion, this year’s edition of the WBS was the first that felt like it had more attendees than any show since the last pre-COVID WBS. The number of attendees, exhibitors, and related events surrounding the WBS was impressive, signaling…
Oil prices continue to move within a tight range around $60/bbl for WTI. While this price level is more than sufficient for oil and gas operators with activity in the deepwater GOA to make a profit in the region, it limits additional investment to increase production. This is not a new trend, going back to…
Oil prices have declined precipitously over the past year. Year-to-date, the cost per barrel of WTI oil has declined from roughly $80/bbl to roughly $59/bbl, a decrease of $21/bbl, or 26%. Despite this, however, the general trend among major oil producers is that capital expenditures have remained relatively strong. There continues to be a need…