WORLD OIL SUPPLY 2014-15
World Oil Supply
Non-OPEC oil supply is estimated to have averaged 55.65 mb/d in 2014, an increase of 1.47 mb/d over a year earlier with an upward revision of 30 tb/d from the previous Monthly Oil Market Report (MOMR). OECD Americas was the main driver for growth in 2014. Non-OPEC oil supply is projected to grow at a slower pace of 1.31 mb/d in 2015 to average 56.96 mb/d. OPEC NGLs and nonconventional liquids are estimated grow by 150 tb/d to average 5.81 mb/d in 2014 and are forecast to grow by 220 tb/d to average 6.03 mb/d in 2015. In June 2014, OPEC crude oil production decreased by 79 tb/d to average 29.70 mb/d, according to secondary sources. As a result, preliminary data indicates that global oil supply decreased by 0.26 mb/d in June to average 90.66 mb/d.
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Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.
REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.