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US Output Leaps 1.5mn B/D For 2023, Topping 20mn B/D For The First Time In Q4. Is Peak Output Near?
....93mn b/d and NGLs up 530,000 b/d at 6.43mn b/d, also a record (see chart 1 & p19 for full data). Last year’s gains were the fourth highest ever behind 2.2mn b/d for 2018, 1.8mn b/d for 2019 and 2014’s 1.7mn b/d. Of course, ‘boom’ in those previous cycles rapidly turned to bust as oil prices collapsed: ou...
Volume: 67Issue: 06Published at Fri, 09 Feb 2024 -
OPEC Production Dives Amid Venezuela Instability
...0,000 b/d. Luanda has struggled to prevent declines from its aging reservoirs since oil prices fell during late 2014. DECISION TIME APPROACHING Given the collapsing output from the exempted triumvirate, the Opec 11 countries must decide whether to keep cutting in order to eliminate their 28...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Opec Steadies Production In January
...cember 2017), especially when pointing to the instability that has plagued output in recent years. Should either be accused of producing too much, they could argue that this would be to offset the risk of near-term drop-offs. January’s combined output of 2.82mn b/d was the highest since September 2014...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Opec Cuts 860,000 B/D Output, More Work Required
...ude is currently around $55.63/B, largely on a par with January’s $55.45/B and $10/B above where it stood on 29 November. Certainly, January’s cumulative cut was the largest fall since March 2014, when violence knocked off production in Iraq, Libya, Nigeria and Angola, and Saudi Arabia also cut back (ME...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Global Oil Overhang To Persist Throughout 2016
...17, down 1.17mn b/d from the Q2 2015 peak of 9.50mn b/d, but still level with 1H 2014 volumes. Opec has left its global demand projections unchanged in its latest monthly oil market report (10 February) and has revised up its forecast for the fall in non-Opec supply in 2016 by 50,000 b/d to 71...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
OPEC Output Slides In January Despite Gulf Increments
...west level since June 2014. In Libya, oil output fell for the third month running to average 350,000 b/d in January, as armed factions allied to two rival governments continue their fight for control of the country, four years after the ouster of former leader Mu’ammar al-Qadhafi. Despite co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015