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2019-10-23 11:50:00

U.S. OIL MAXIMUM

U.S. OIL MAXIMUM

REUTERS - U.S. oil production is likely to peak in the next few years as current petroleum prices are capping the pace of expansion, Russian Energy Minister Alexander Novak said on Tuesday.

The brisk pace of U.S. production, now the world's largest, in the past few years has been a key factor behind the relative weakness in oil prices. Output has slowed recently, however.

"We are seeing declining activity in U.S. shale oil production. Though there have been gains, these are lower than in previous years ... This is a trend," Novak told reporters.

Goldman Sachs has wound back its forecast for growth in U.S. shale oil output in 2020, and trimmed its outlook for growth in global oil demand next year.

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Earlier:

U.S. OIL MAXIMUM
2019, October, 21, 13:30:00
U.S. OIL PRODUCTION 12.4 MBD
U.S. crude oil production reached a new all-time high of 12.4 million barrels per day (mb/d) – and U.S. natural gas liquids production sustained a record 4.8 mb/d – in September,
U.S. OIL MAXIMUM
2019, October, 21, 13:00:00
U.S. RIGS DOWN 5 TO 851
U.S. Rig Count is down 5 rigs from last week to 851, Canada Rig Count is down 3 rigs from last week to 143,
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2019, October, 16, 12:30:00
U.S. PRODUCTION: OIL + 58 TBD, GAS + 319 MCFD
Crude oil production from the major US onshore regions is forecast to increase 58,000 b/d month-over-month in October from 8,913 to 8,971 thousand barrels/day, gas production to increase 319 million cubic feet/day from 83,693 to 84,012 million cubic feet/day .
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Tags: USA, OIL, PRODUCTION