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2017-06-01 19:10:00

US OIL PRODUCTION UP

US OIL PRODUCTION UP

USA OIL PRODUCTION 2008 - 2017

OGFJUS oil production grows so fast that an all-time high of 10 million barrels per day could be reached before December 31st this year, Rystad Energy predicts.

In a monthly report on latest oil market trends, Rystad Energy analysts show US oil production growing at 95 kbbld per month during 2017. The growth stems from shale drilling, as the more modest growth from Gulf of Mexico deepwater fields is offsetting declines from other US conventional oilfields.

The historic record of 10 million barrels per day was reached during November, 1970, when US oil prices were still below 3 USD. The record was close to being surpassed in 2015 when US production peaked in April at 9.6 million barrels. Production then dropped 1 million barrels per day over 18 months as oil prices fell from above 100 to below 40 USD. Based on proprietary and detailed well level data, Rystad Energy sees current US production bouncing back twice as fast as it dropped, reaching 9.4 million barrels on May 31st. And, this very steep growth comes with US oil prices locked below the price most analysts estimated as a minimum to grow US oil production. The US Energy Information Administration released its latest official data for March at 9.1 million barrels per day. Rystad Energy believes this implies another upward revision of the EIA's official oil production outlook for the US, which is now at 9.74 million barrels for December 2017.

"US oil production has grown faster at 50 USD than any analysts in the market predicted. As these numbers are getting confirmed, the initial optimism about OPEC's temporary cuts, may turn to increasing skepticism about OPEC's choice of policy once the current output deal expires next year," said Bjørnar Tonhaugen, VP Oil Markets at Rystad Energy.

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Earlier: 

U.S. GDP UP 1.2% 

U.S. RIGS UP 7 TO 908 

SAUDIS & U.S. DEALS: $50 BLN 

U.S. DELIVERIES UP BY 1.7% 

U.S. OIL GAS PRODUCTION WILL UP

 

 

Tags: USA, OIL, PRODUCTION

Chronicle:

US OIL PRODUCTION UP
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

US OIL PRODUCTION UP
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

US OIL PRODUCTION UP
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

US OIL PRODUCTION UP
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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