U.S. OIL PRODUCTION DOWN 5.4%
US crude oil production in March averaged 9.127 million b/d, down from 9.133 million b/d in February and 9.648 million b/d in March 2015, according to the most recent data from the US Energy Information Administration.
The overall US crude output decline was led by a more than 10% drop year-over-year in Texas. Production in the state during March totaled 3.276 million b/d, decreasing from 3.316 million b/d in February and 3.644 million b/d in March 2015.
North Dakota output during the month was 1.109 million b/d, down from 1.116 million b/d in February and 1.189 in March 2015.
Onshore production declines were partially offset by a 16% year-over-year jump in production from federal waters of the Gulf of Mexico, where March output averaged 1.641 million b/d, rising from 1.577 million b/d in February and 1.414 million b/d in March 2015.
US natural gas production in March was 91.06 bcf, down from 92.011 bcf in February but still up from 90.768 bcf in March 2015. Texas's gas output was 22.605 bcf, falling from 22.931 bcf in February and 24.087 bcf in March 2015.
Pennsylvania's gas output totaled 14.67 bcf, down from 14.945 bcf in February but still up 11.2% year-over-year from 13.191 bcf. Gas production from the Gulf of Mexico totaled 3.562 bcf, up from 3.496 bcf in February and 3.203 bcf in March 2015.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.