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2016-03-10 19:00:00

U.S. OIL PRODUCTION DOWN

U.S. OIL PRODUCTION DOWN

 

USA OIL PRODUCTION CHANGES 2011 - 2015

 

U.S. monthly crude oil production in December 2015 continued to decline, as oil production reached its lowest level since November 2014. Production also declined from year-ago levels for the first time in more than four years. This continued production decline is the result of lower crude prices, which have declined more than 70% since the summer of 2014.

Crude oil production in December 2015 averaged 9.3 million barrels per day (b/d), down 166,000 b/d from December 2014 and the first year-over-year decline in U.S. monthly oil output since September 2011.

Domestic oil production has generally declined month to month since reaching a 44-year peak of almost 9.7 million b/d in April 2015. Even as production declined, output was still above levels from the same month a year earlier until EIA published production for December 2015.

Most of the decline in oil production has occurred in states where a large portion of output comes from tight oil formations, including North Dakota, Texas, and New Mexico. Oil production from tight formations accounted for most of the increase in U.S. oil production during the past five years, and it is now making up most of the decline in output.

EIA forecasts U.S. oil production will continue to decline both on a month-to-month basis and from year-ago levels until the fourth quarter of 2017.

eia.gov

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More: 

U.S. OIL DOWN 106,000 

U.S. RIGS DOWN 46 

U.S. OIL HELL 

U.S. INVESTMENT DOWN 35% 

RADICALS DESTROY U.S.

 

 

 

 

Tags: USA, OIL, PRODUCTION, PRICES

Chronicle:

U.S. OIL PRODUCTION DOWN
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

U.S. OIL PRODUCTION DOWN
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

U.S. OIL PRODUCTION DOWN
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

U.S. OIL PRODUCTION DOWN
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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