"It's quite possible that if oil prices remain at the low levels for long, oil production could decline, as had been the case before. Anyway, we don't expect any significant cuts,"
EIA estimates U.S. crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure. Production estimates released in the PSM for January through May were revised downward by 40,000 b/d to 130,000 b/d. The largest revisions in volume include decreases of oil production in Texas (ranging from about 100,000 b/d to 150,000 b/d) and increases in the federal Gulf of Mexico (ranging from about 10,000 b/d to 50,000 b/d). U.S. crude oil production for the first six months of 2015 averaged 9.4 million b/d.
"We cut our real GDP outlook... to take into account a weaker-than-expected second quarter, a deteriorating global emerging market outlook, and our oil price revisions,"
At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt.
Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world's most profitable.
U.S. Rig Count is down 8 rigs from last week to 877, with oil rigs up 1 at 675, gas rigs down 9 to 202, and miscellaneous rigs unchanged at 0.
Demand for and production of oil and refined products grew across the board over the last year,” said API Chief Economist John Felmy. “In fact, demand for and production of oil and refined products were the highest July in eight years, since 2007.”
Brent crude, the international benchmark, jumped by $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 per cent gain marked its biggest one day advance since December 2008.
Although OPEC's statutes say support from a simple majority of the 12 members can trigger an extraordinary meeting, none will occur without support from Saudi Arabia, which has yet to give its blessing, OPEC delegates say.
In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.