World Oil’s Top Stories of 2022: 16-20

World Oil was on the front lines of every breaking news story in 2022. From positive production predictions and interventions from the White House to billion-dollar profit exploration setbacks, our readers had plenty to keep them on their toes. Here are more of this year’s top headlines.

16: Shell joins Exxon with $1 billion Brazil exploration setback

Expensive offshore exploration setbacks for international oil majors including Shell Plc and Exxon Mobil Corp. are throwing cold water on their plans to turn Brazil into a profit center.

17: Biden administration quietly approves huge Texas oil export project

The Sea Port Oil Terminal would be 30 miles off the Texas coast and is one of four proposed offshore terminals designed to dramatically expand the U.S. oil export capacity, The Texas Tribune and Earthworks reported.

18: U.S. sees record oil production next year moving even higher

U.S. oil production will grow even more than the government previously expected as a scorching price rally drives producers to boost drilling.

19: Saudi oil output hit 11 million bpd last month

Saudi Arabia told OPEC that it raised its crude production to just over 11 million bpd last month, exceeding the symbolic level for the first time in two years as the kingdom fulfilled a pledge to stabilize world markets.

20: Biden approves funding for carbon capture programs using enhanced oil recovery

The programs now open the door to the use of taxpayer dollars to fund carbon capture projects that produce fossil fuels through a process known as enhanced oil recovery. It’s a significant shift that promises more funding options for crude production.