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2017-06-08 17:50:00

2018 U.S. OIL PRODUCTION: 10 MBD

2018 U.S. OIL PRODUCTION: 10 MBD

BOE - U.S. crude production will average more than 10 million barrels a day for the first time in 2018, breaking a record almost five decades old and keeping prices from rising as much as previously estimated, government forecasts showed Tuesday.

Output will average 10.01 million barrels a day next year, topping the previous high of 9.6 million in 1970, according to the Energy Information Administration's monthly Short-Term Energy Outlook. That's up from 9.96 million barrels projected in May. The agency cut its 2018 forecast for West Texas Intermediate crude, the U.S. benchmark, by 2.7 percent from May.

"Increased drilling activity in U.S. tight oil basins, especially those located in Texas, is the main contributor to oil-production growth," acting EIA Administrator Howard Gruenspecht said in an emailed statement.

U.S. drillers have added rigs for 20 straight weeks, the longest streak in at least three decades, undercutting efforts by the Organization of Petroleum Exporting Countries to cut production and eliminate a global supply glut. Rigs in the U.S. have more than doubled in the past year, according to Baker Hughes Inc., with Texas' prolific Permian Basin leading the surge.

Drillers Add More U.S. Oil Rigs as OPEC Faces Extended Slump

WTI will average $53.61 next year, down from last month's estimate of $55.10, the report showed. The agency raised its 2017 estimate to $50.78 a barrel from $50.68. Brent crude, the benchmark for more than half the world's oil, is projected to average $55.61 next year and $52.69 this year, compared with prior estimates of $57.10 and $52.60.

For 2017, production is forecast to rise to 9.33 million barrels a day, compared with a May estimate of 9.31 million.

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Earlier: 

GLOBAL OIL OVERSUPPLY 

U.S. RIGS UP 8 TO 916 

U.S. OIL INVENTORIES DOWN 

MARGINAL OIL: NOT ENOUGH 

U.S. DELIVERIES UP BY 1.7% 

U.S. OIL GAS PRODUCTION WILL UP 

U.S. LNG TO CHINA

 

 

Tags: USA, OIL, GAS, PRODUCTION

Chronicle:

2018 U.S. OIL PRODUCTION: 10 MBD
2018, November, 16, 09:35:00

RUSSIAN ENERGY FOR ASIA

PLATTS - Asia is a growing market for Russian energy, including LNG, and a potential source of investment for the world's largest producer of resources and minerals. The Kremlin has increasingly looked to build its presence in the Asian region following the imposition of tough sanctions by the US on Russia.

2018 U.S. OIL PRODUCTION: 10 MBD
2018, November, 16, 09:30:00

SAUDIS ARE ANGRY

REUTERS - “The Saudis are very angry at Trump. They don’t trust him any more and feel very strongly about a cut. They had no heads-up about the waivers,” said one senior source briefed on Saudi energy policies.

2018 U.S. OIL PRODUCTION: 10 MBD
2018, November, 16, 09:25:00

RUSSIA, OPEC COOPERATION

PLATTS - "It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.

2018 U.S. OIL PRODUCTION: 10 MBD
2018, November, 16, 09:20:00

U.S. FINANCIAL RISKS

U.S. OFR - The U.S. Office of Financial Research (OFR) released its 2018 Annual Report to Congress, stating that risks to U.S. financial stability remain in the medium range, reflecting a mix of high, moderate, and low risks to the financial system.

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