U.S. OIL PRODUCTION UP 1.14 MBD
EIA - US oil production averaged 9.964 million b/d in January, up nearly 1.14 million b/d compared with January 2017, but about 102,000 b/d below November's record domestic output.
US oil output averaged 10.066 million b/d in November, breaking the previous average monthly production record of 10.044 million b/d set in November 1970.
US crude output in January was up about 6,000 b/d compared with December.
Fueled by the Permian Basin, Texas oil production led the way with nearly 3.89 million b/d in January, down 56,000 b/d from December, but up 687,000 b/d compared with January 2017.
Output in Gulf of Mexico federal waters averaged 1.624 million b/d in January, which was up 79,000 b/d from December, but down 108,000 b/d from January 2017.
North Dakota oil production averaged 1.156 million b/d in January, up 2,000 b/d from December and up 181,000 b/d from January 2017.
Output in New Mexico, which is now the third-highest oil producing state due to Permian growth, averaged 540,000 b/d in January, down 17,000 b/d from December, but up 124,000 b/d from January 2017.
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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.