U.S. OIL PRODUCTION 9 MBD
API - Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.
The overall economy in the U.S. showed gains in January, adding 227,000 jobs according to the U.S. Bureau of Labor Statistics (BLS). The U.S. unemployment rate was little changed at 4.8 percent in January.
Gasoline deliveries in January were down from the prior year and the prior month. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 2.6 percent from January 2016, to average 8.4 million barrels per day– the lowest demand in 36 months.
"2017 is off to a solid start. Consumers continued to save at the pump as gasoline prices remained steadily low and the economy grew, expanding for the 92nd consecutive month," said Chief Economist, Erica Bowman.
Crude oil production increased 1.0 percent from December 2016, but was down by 2.5 percent from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9 percent from last month and was 6.6 percent higher than last year. This was the highest January output level on record.
U.S. total petroleum imports in January averaged 10.7 million barrels per day, up 6.3 percent from the prior month and up 9.7 percent from the prior year. Crude oil imports in January were at their highest level since September 2012. Crude oil imports increased by 8.2 percent from January 2016, to 8.3 million barrels per day in January 2017.
Crude oil stocks ended in January at 499.5 million barrels– the highest January inventory level in 87 years, since 1930. Crude stocks were up 3.4 percent from the prior month, and were up 6.6 percent from the prior year. Total inventories of all oils were up 4.3 percent from year ago levels, and up 3.1 percent from month ago levels.
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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.