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2015-04-24 22:40:00

U.S. CAN’T STOP

U.S. CAN’T STOP

While the U.S. rig count keeps falling, weak oil prices won't stop the United States from becoming a net energy exporter in the coming decades, the Energy Information Administration's 2015 annual energy outlook said.

The agency expects "strong" domestic crude production growth, thanks in large part to tight oil and gas, that will lead to a decline in net imports and growth in net exports in all price scenarios during 2015.

Crude and petroleum net imports are expected to fall from 6.2 million barrels per day in 2013 to 3.3 million bpd in 2040 while gross exports of refined products, especially gasoline and diesel, will create a "significant" spike in net exports between 2013 and 2040.

In the case of low oil prices, where Brent crude hits $52 per barrel in 2014 and rises to $76 per barrel in 2040, the United States would remain a net importer through 2040, the report said.

The agency said that if oil prices stay within the lower end of its forecast U.S. drillers will pump 9.8 million bpd in 2020, 700,000 bpd less than the agency expected last year.

Overall crude production is expected to grow from 7.4 million bpd in 2013 to 9.4 million bpd in 2040, a 26 percent spike over last year's reference case despite lower prices.

Lower 48 onshore tight oil production is expected to hit 5.6 million bpd in 2020 before slumping to 4.3 million bpd in 2040, 34 percent more growth than projected in last year's report.

Production in the Gulf of Mexico is also expected to rise through 2019 in all price scenarios but will fluctuate after a decline slated to last "at least through 2025."

Dry natural gas production will likely dip after 2019 compared to last year's forecast although the United States is still expected to become an overall natural gas net exporter in 2017, a year earlier than previous models suggested.

Mexico will be the biggest beneficiary of booming U.S. gas production with net pipeline exports to south of the border growing nearly twofold from 2017 to 2040 although export levels could drop as Mexico ramps up domestic production.

petroglobalnews.com

Tags: U.S., OIL, PRICES,

Chronicle:

U.S. CAN’T STOP
2018, May, 23, 10:21:00

IRAN - EUROPE NUCLEAR

WNN - "We met today to confirm the continuing commitment of the European Commission and the Atomic Energy Organisation of Iran towards the implementation of the Joint Comprehensive Plan of Action, and in particular its Annex III which addresses civil nuclear cooperation," Cañete and Ali Akhbar Salehi, president of the AEOI, said in a joint statement on 19 May. "We believe that the continuing implementation of the JCPOA, which was unanimously endorsed by UN Security Council Resolution 2231, is crucial for the development and progress of the region as well as the global peace and security."

U.S. CAN’T STOP
2018, May, 23, 10:15:00

NO OIL FUTURE 2040

BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,

U.S. CAN’T STOP
2018, May, 23, 10:10:00

CLEAN NUCLEAR FUTURE

WNN - The United States, Canada, and Japan are launching the Nuclear Innovation: Clean Energy (NICE) Future Initiative. This global effort will make sure nuclear has a seat at the table during discussions about innovation and advanced clean energy systems of the future.

U.S. CAN’T STOP
2018, May, 23, 10:05:00

ARABIAN OIL FOR INDIA

AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.

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