U.S. OIL PRODUCTION DOWN 8%
According to EIA, US crude oil production during April amounted to 8.933 million b/d, a decline of 2.5% from the March average and 7.9% from the April 2015 average.
Reflecting the drop, oil output in Texas during April was down 1.4% month-over-month and 10% year-over-year to 3.23 million b/d. North Dakota recorded production of 1.04 million b/d, down 6% month-over-month and 10.6% year-over-year.
Output from the federal US Gulf of Mexico fell 3% month-over-month in April to 1.589 million b/d, still 3.5% higher than its year-ago average.
US natural gas production during April was 89.54 bcfd, a loss of 1.7% compared with the March level and 1.8% compared with the April 2015 level.
Texas's gas production averaged 22.663 bcfd, a monthly increase of 0.2% but still down 6.4% year-over-year. Pennsylvania's output fell 1.9% month-over-month but was up 10.7% year-over-year, averaging 14.307 bcfd.
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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.