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Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2016-04-21 13:55:00

U.S. OIL PRODUCTION DOWN

U.S. OIL PRODUCTION DOWN

 

USA OIL PRODUCTION 2010 - 2017

 

In response to continued low oil prices, onshore crude oil production in the Lower 48 states is expected to decline from an average of 7.41 million barrels per day (b/d) in 2015 to 6.46 million b/d in 2016 and to 5.76 million b/d in 2017. Increased production from the federal Gulf of Mexico (GOM) is not enough to offset those declines, with total projected U.S. production falling from 9.43 million b/d in 2015 to 8.04 million b/d in 2017.

The sharp decline in oil prices since the fourth quarter of 2014 has had a significant effect on drilling in the United States. The number of active onshore drilling rigs in the Lower 48 states fell 78% (from 1,876 to 412) between the weeks ending on October 31, 2014, and April 15, 2016, according to data from BakerHughes. The decline in active rigs and well completions is projected to result in month-over-month onshore oil production declines of 120,000 b/d through September 2016.

Market expectations of uncertainty in the crude oil price outlook continue to be high, as reflected in the current values of futures and options contracts. In EIA's April Short-Term Energy Outlook (STEO), the 95% confidence interval for market expectations for prices in December 2017 is relatively wide, with upper and lower limits of $20 per barrel (b) and $100/b, respectively. EIA's April STEO forecasts Brent crude oil prices averaging $35/b in 2016 and $41/b in 2017, with the December 2017 price averaging $45/b.

EIA projects that the number of operating rigs in the Lower 48 states will continue to decrease through mid-2016 before beginning to slowly increase. However, expected Lower 48 production will continue to decline—although at a slowing rate—throughout 2017.

 

USA OIL PRODUCTION RIG COUNT 2012 - 2017

 

In contrast to the forecast of declining Lower 48 onshore production through 2017, federal Gulf of Mexico oil production is projected to increase from 1.54 million b/d in 2015 to 1.66 million b/d and to 1.82 million b/d in 2016 and 2017, respectively. Alaska's oil production is projected to slightly decrease from 0.48 million b/d in 2015 to 0.47 million b/d in 2016 and to 0.46 million b/d in 2017.

eia.gov

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More: 

U.S. PRODUCTION DOWN 

U.S. RIGS DOWN 3 

U.S. LOSSES 

U.S. GAS DOWN 

U.S. OIL DOWN 114,000 

U.S. SHALE PRESSURE 

POORLY CONCEIVED U.S. 

U.S. GOOD PRICE - 2 

U.S. DEFICIT UP 13.1%

 

 

 

 

Tags: USA, OIL, GAS, PRODUCTION, PRICES

Chronicle:

U.S. OIL PRODUCTION DOWN
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

U.S. OIL PRODUCTION DOWN
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

U.S. OIL PRODUCTION DOWN
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

U.S. OIL PRODUCTION DOWN
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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