NORWAY'S PRODUCTION DOWN 60 TBD
NPD - Preliminary production figures for December 2016 show an average daily production of 2 094 000 barrels of oil, NGL and condensate, which is a decrease of 60 000 barrels per day (approx. 3 percent) compared to November.
Total gas sales were 10.9 billion Sm3 (GSm3) which is an increase of 0.2 GSM3 from the previous month.
The total petroleum production in 2016 is about 233.0 million Sm3 oil equivalents (MSm3 o.e.), This is 2.8 MSm3 o.e. higher than in 2015. The oil production increased for the third consecutive year in 2016, and gas production was at the same level as the previous year, which was a record year for production. The high level is in part due to good regularity on the fields, and the fact that various efficiency measures have led to substantial reductions in operating and exploration costs.
Average daily liquids production in December was 1 693 000 barrels of oil, 369 000 barrels of NGL and 32 000 barrels of condensate. The oil production is about 3.5 percent above the oil production in December last year and is about 9 percent above the NPD's prognosis for December 2016. The oil production is about 5.5 percent above the prognosis this year.
The total petroleum production in 2016 is about 233.0 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 94.1 MSm3 o.e. of oil, about 22.1 MSm3 o.e. of NGL and condensate and about 116.8 MSm3 o.e. of gas for sale. In 2015 the production was about 91.0 MSm3 o.e. of oil, about 22.1 MSm3 o.e. of NGL and condensate and about 117.2 MSm3 o.e. of gas for sale.
The total volume in 2016 was 2.8 MSm3 o.e. higher than in 2015.
Final production figures from November 2016 show an average daily production of about 1.757 million barrels of oil, 0.397 million barrels of NGL and condensate and 10.7 billion Sm3 saleable gas.
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IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.
IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.
IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.