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2017-08-16 09:25:00

U.S. OIL PRODUCTION: 9.35 - 9.91 MBD

U.S. OIL PRODUCTION: 9.35 - 9.91 MBD

PLATTS - Higher production of light sweet crude from Libya, Nigeria and the US in July could be contributing to a price squeeze between light and medium crudes, the US Energy Information Administration said Tuesday.

Libyan crude output jumped 19% to 1.01 million b/d in July, from 850,000 b/d in June. Nigerian production increased 6% to 1.66 million b/d in July, from 1.56 million b/d a month earlier, EIA said in its Short-Term Energy Outlook.

US crude production increased a more modest 1% to 9.43 million b/d, compared with 9.32 million b/d in June, the report said.

The increases come as voluntary production cuts by OPEC and non-OPEC countries tightens supply of medium sour and heavy sour barrels.

"As a result, over the past several months, the usual premium that light sweet crude oils command over medium and heavy crude oils has declined in many regions around the world," the report said.

EIA continues to expect US production to rise over the next two years and cross the 10 million b/d threshold in November 2018.

It sees output averaging 9.35 million b/d in 2017, up 20,000 b/d from last month's outlook, and 9.91 million b/d in 2018, up 10,000 b/d from last month.

"US oil production growth could slow as some US energy companies plan less investment spending for the rest of this year and the number of drilling rigs has recently increased at a slower clip," EIA Acting Administrator Howard Gruenspecht said in a statement.

OPEC crude production held steady in July at an average 32.93 million b/d, compared with 32.61 million b/d in June, despite the sharp increases in Libya and Nigeria.

Saudi Arabia produced 10.2 million b/d in July, steady from 10.15 million b/d a month earlier.

The agency expects OPEC output to average 32.53 million b/d in 2017 and 32.96 million b/d in 2018.

EIA expects Brent crude prices to average $50.71/b in 2017 and $51.58/b in 2018 and WTI prices to average $48.88/b in 2017 and $49.58/b in 2018 -- steady from the agency's June outlook.

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Earlier: 

U.S. RIGS DOWN 5 TO 949 

U.S. - CHINA OIL RECORD 

U.S. OIL PRICE: $45 

U.S. OIL PRODUCTION: 9.3 MBD 

U.S. OIL&GAS PRODUCTION WILL UP 

U.S. GLOBAL LEADERSHIP 

U.S. & RUSSIA: LIMITED IMPACT

 

 

 

 

Tags: USA, OIL, PRODUCTION

Chronicle:

U.S. OIL PRODUCTION: 9.35 - 9.91 MBD
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

U.S. OIL PRODUCTION: 9.35 - 9.91 MBD
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

U.S. OIL PRODUCTION: 9.35 - 9.91 MBD
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

U.S. OIL PRODUCTION: 9.35 - 9.91 MBD
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

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