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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BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.
NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.
NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.
REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.