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2018-01-26 12:20:00

U.S. SHALE OIL BOOM

U.S. SHALE OIL BOOM

REUTERSU.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.

Perry, a former governor of Texas, the heartland of the U.S. shale oil boom, was speaking at a rare joint panel with Russian and Saudi energy ministers, Alexander Novak and Khalid al-Falih, at the World Economic Forum in Davos.

"I don't think American shale production will be a spoiler. There is a lot of reforms going on around the world - in the kingdom (of Saudi Arabia), in Mexico, in India - those reforms have the potential to really drive the consumption," he said.

OPEC led by Saudi Arabia and non-OPEC Russia have reduced production during 2017-2018 to prop up oil prices.

The United States, which rivals Russia and Saudi Arabia for the position of the world's largest oil producer, is not participating in cuts as its industry is represented by private producers who can be sued for collusion if they join the deal.

Perry said President Donald Trump's slogan "America First" meant first of all competition with rivals including in oil markets.

"We have a bit of a feast rather than famine now but it is good for the world," he added.

Novak and Falih both said the markets were too much focused on the swings in U.S. shale production, which still represented a fairly modest portion of the global output.

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Earlier:

 N.America
2018, January, 22, 07:30:00

U.S. RIGS DOWN 3 TO 936

BAKER HUGHES A GE - U.S. Rig Count is down 3 rigs from last week to 936, with oil rigs down 5 to 747, gas rigs up 2 to 189, and miscellaneous rigs unchanged. Canada Rig Count is up 49 rigs from last week to 325, with oil rigs up 23 to 208 and gas rigs up 26 to 117.

 

 N.America
2018, January, 19, 12:30:00

U.S. FOSSIL FUELS WILL UP

EIA - EIA forecasts that total fossil fuels production in the United States will average almost 73 quadrillion British thermal units (Btu) in 2018, the highest level of production on record. EIA expects total fossil fuel production to then set another record in 2019, with production forecast to rise to 75 quadrillion Btu.

 

 N.America
2018, January, 17, 23:25:00

U.S. OIL +111 TBD, GAS + 890 MCFD

EIA - Crude oil production from the major US onshore regions is forecast to increase 111,000 b/d month-over-month in February to 6,549 million b/d, gas production to increase 890 million cubic feet/day to 64,071 million cubic feet/day .

 

 N.America
2018, January, 15, 10:00:00

FOSSIL FUELS DIVESTMENT $5 BLN

RBF - New York City Mayor Bill de Blasio and Comptroller Scott Stringer announced plans to divest the city’s five pension funds of approximately $5 billion in fossil fuel investments in an effort to safeguard the retirement plans of the city’s employees from the threat of underperforming assets. The total size of the retirement funds, $189 billion, makes New York City the largest American municipality to divest to date.

 

 N.America
2018, January, 10, 12:55:00

U.S. OIL INVENTORIES DOWN

BLOOMBERG - Futures climbed as much as 0.9 percent in New York after rising 2.5 percent the previous two sessions. Inventories fell by 11.2 million barrels last week, the American Petroleum Institute was said to report on Tuesday. If the draw is replicated in Energy Information Administration data Wednesday, it will be the biggest decline for this time of the year since 1999.

 

 N.America
2017, December, 20, 19:30:00

U.S. PETROLEUM DELIVERIES UP TO 19.9 MBD

API - Total petroleum deliveries in November rose to 19.9 million barrels per day. This was the strongest November monthly demand since 2007. Cumulatively through the first 11 months of the 2017, total domestic petroleum deliveries rose by 0.9 percent, which exceeded demand growth in 2016 despite higher prices.

 

 N.America
2017, October, 16, 11:55:00

U.S. ECONOMY UP

Economic activity in the United States has been growing moderately so far this year, and the labor market has continued to strengthen. The terrible hurricanes that hit Texas, Florida, Puerto Rico, and our neighbors in the Caribbean caused tremendous damage and upended many lives, and our hearts go out to those affected. While the effects of the hurricanes on the U.S. economy are quite noticeable in the short term, history suggests that the longer-term effects will be modest and that aggregate economic activity will recover quickly.

Tags: USA, SHALE, OIL