U.S. oil production is at an all time high but growth is slowing. That’s what analysts at Standard Chartered Bank said in a report sent to Rigzone by the Standard Chartered team last week, highlighting that “total U.S. crude oil production recorded an all time high of 13.58 million barrels per day in June 2025, according to data from the Energy Information Administration (EIA)”. This production figure exceeded the previous high of October 2024 by 50,000 barrels per day, and the pre-COVID November 2019 high by 582,000 barrels per day, the analysts pointed out in the report. “The impending peak in U.S. crude oil production has been much discussed and long forecast; indeed, production in some key states appears to have already peaked,” the Standard Chartered Bank analysts stated in the report. “The year on year trend shows a clear growth slowdown following the immediate post-COVID recovery, with year on year growth in June of 328,000 barrels per day,” they added. “Still the dominant state in terms of volumes, production in Texas fell 33,000 barrels per day year on year and is now 109,000 barrels per day lower than its October 2024 peak of 5.832 million barrels per day,” they continued. “Extrapolating the decelerating year on year growth trend implies that U.S. production will peak nine months from June, at c.14.34 million barrels per day in March 2026, before declines set in,” the Standard Chartered Bank analysts predicted. The analysts warned in the report that, “if a peak is to be avoided, then additional new production (driven by drilling and completion activity, technological advancements, geological quality and operational efficiencies) must exceed the decline rates of existing wells”. “The recent earnings season highlighted widespread strategic adjustments among shale producers and vocal concerns about operational pullbacks in the low-price environment, but also

Saudi Arabia’s sovereign wealth fund sold $2 billion of 10-year dollar bonds to help finance investment plans, adding to a recent wave of Saudi issuance from entities including local banks and the sovereign. The Public Investment Fund’s deal was priced 95 basis points over US Treasuries, compared with initial price talk of around 120 basis points, according to a person familiar with the matter who asked not to be identified. It sold $4 billion of debt in January and signed a $7 billion Islamic loan with 20 banks around the same time.  The PIF is the main entity tasked with executing Crown Prince Mohammed bin Salman’s Vision 2030 agenda to shift away from oil and into a more diverse range of industries. The International Monetary Fund said in August that the PIF is expected to continue spending at least $40 billion a year on domestic investment, which “is going to help keep growth positive and robust compared to what’s happening elsewhere.” The fund recently introduced a commercial paper program and has been raising cash by selling stakes in portfolio firms. The PIF is also looking to list some of its companies as it seeks to drive spending in the kingdom amid low oil prices that are complicating efforts to diversify the economy. Monday’s offering follows $20 billion in sales of dollar- and euro-denominated debt from the Saudi government this year — the most among emerging markets, according to data compiled by Bloomberg. The latest move also adds to a pick-up in syndicated loan activity and a fresh wave of local bank issuance. Countries and companies in the developing world have been rushing to sell bonds at the fastest clip in at least a decade, taking advantage of high appetite for emerging-market assets to issue debt amid what investors say could be sharper swings ahead in global debt markets. Saudi Arabia

ADNOC Gas PLC said Monday it has been selected for the FTSE Emerging Index, part of its efforts to boost its investment attractiveness. The gas processing and sales arm of Abu Dhabi National Oil Co will debut on the index, which tracks the performance of large and mid-cap companies in emerging markets within the FTSE Russell Global Equity Index Series, when markets open September 22. “ADNOC Gas believes this milestone will enhance its visibility among global institutional investors, broaden its shareholder base and support liquidity on the Abu Dhabi Securities Exchange”, ADNOC Gas said in a statement on its website. “Market analysts estimate that inclusion may result in up to $250 million in incremental investment”. In June ADNOC Gas joined the MSCI Emerging Markets Index, which it expects to boost its passive cash inflows by $300-500 million. In February ADNOC Gas completed a $2.84 billion placement of 3.1 billion shares. The so-called marketed offering, the first in the UAE according to ADNOC, was priced about 43 percent higher than ADNOC Gas’ initial public offering in March 2023. The marketed offering, which attracted Gulf and international investors, represented four percent of ADNOC Gas’ issued and outstanding share capital, the parent said then. ADNOC Gas has raised its planned 2025-29 capital expenditure to $20 billion to capitalize on growing domestic demand for natural gas. During the five years, ADNOC Gas aims to complete the Big Oil-backed Ruwais LNG. Targeted to start production 2028, the 9.6 million tons per annum (MMtpa) facility would more than double ADNOC’s LNG output. In June ADNOC Gas said it had approved phase one of the Rich Gas Development (RGD) project, which will increase its throughput capacity and operational efficiency. It awarded $5 billion worth of contracts for RGD. Also planned to be completed in 2025-29 are the

North America added seven rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on September 5. The U.S. added one rig and Canada added six rigs week on week, taking the total North America rig count up to 718, comprising 537 rigs from the U.S. and 181 rigs from Canada, the count outlined. Of the total U.S. rig count of 537, 522 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 414 oil rigs, 118 gas rigs, and five miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 470 horizontal rigs, 54 directional rigs, and 13 vertical rigs. Week on week, the U.S. offshore and inland water rig counts remained unchanged and the country’s land rig count increased by one, Baker Hughes highlighted. The U.S. gas rig count dropped by one, the country’s oil rig count increased by two, and its miscellaneous rig count remained unchanged week on week, the count showed. The U.S. directional rig count dropped by one, week on week, while its horizontal rig count increased by two and its vertical rig count remained unchanged during the same period, the count revealed. A major state variances subcategory included in the rig count showed that, week on week, Texas added two rigs and New Mexico dropped two rigs. A major basin variances subcategory included in Baker Hughes’ rig count showed that, week on week, the Permian basin dropped one rig. Canada’s total rig count of 181 is made up of 123 oil rigs and 58 gas rigs, Baker Hughes pointed out. Week on week, the country’s oil rig count increased by three, its gas rig

China’s plan to scale back the oil-refining industry as part of a broader push against overcapacity and excessive competition could take half a decade to make an impact, according to a major independent processor. The initiative could require three to five years to phase out about 100 million tons of refining capacity, Li Xinhua, global head of trading at Rongsheng Petrochemical Co., said at APPEC by S&P Global Commodity Insights. “It will take quite a long time,” Li told the industry conference in Singapore. Policymakers in Asia’s largest economy have been pressing on with a so-called anti-involution campaign to ease the strain on companies from aggressive competition, tackle deflation, and support economic growth. In oil refining and petrochemicals, there’s a drive to phase out smaller facilities and upgrade outdated plants, while redirecting investment toward advanced materials. Capacity reductions involve negotiations between central and local governments, and these take time as they impact employment, which is a pertinent factor given China’s still-shaky property market, Li said on Tuesday. The impact of trade tariffs, meanwhile, is that oil prices no longer reflect market dynamics, harming the financial benefit for Chinese refiners, according to Li. “That will encourage us to lower the output of oil products, while they will encourage more petrochemical production,” he said. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.

PTT Exploration and Production Public Co Ltd announced Monday a positive FID (final investment decision) for Thailand’s first carbon capture and storage (CCS) development, targeting first injection in 2028. Earmarked THB 10 billion ($320 million) over five years, the Arthit field CCS project is planned to have a carbon dioxide storage capacity of one million metric tons a year, to be gradually achieved. The project will leverage existing infrastructure at the producing field and build new facilities. It will not impact Arthit’s natural gas production, according to the state-owned oil and gas company. “PTTEP has conducted extensive studies and assessments in preparation for the project, covering the entire process – from storage site selection with reservoirs at depths of 1,000-2,000 meters, to engineering design, and comprehensive measurement, monitoring and verification programs”, PTTEP said in a statement on its website. “The Arthit CCS Project has been endorsed as one of Flagship Projects for greenhouse gas emissions reduction under the NDC Action Plan, with an approved direction for the government to consider measures and granting of appropriate investment support such as tax incentives”, PTTEP said. The Southeast Asian country aims to cut its greenhouse gas emissions by 30 percent relative to 2025 by 2030, according to its Nationally Determined Contribution (NDC) submitted to the United Nations, updated 2022. “The Arthit CCS Project will serve as a pilot for cultivating expertise and driving CCS adoption in Thailand, including the Eastern CCS Hub in the Northern Gulf of Thailand, which has potential to make material contribution to the country’s Net Zero target and enhance the nation’s long-term economic competitiveness”, said chief executive Montri Rawanchaikul. In December 2023 PTTEP signed an agreement to conduct a study with the Japan Organization for Metals and Energy Security (JOGMEC) and INPEX Corp on the carbon storage potential of the