Prroduction Cuts
Prroduction Cuts
In today's Barron's: Jeffries says that, "China's big 3 producers will slash production this year by 400,000 barrels per day as compared to last year's production-a substantial amount."
Re: Prroduction Cuts
The world consumes 97,000,000 barrels per day of hydrocarbon based liquid fuels and feedstock. Global crude oil production is approximately 80,000,000 barrels per day. NGLs and biofuels make up the difference.
Non-OPEC oil production has dropped over 2,000,000 barrels per day YOY and it continues to decline 150,000 to 200,000 BPD month-after-month.
The longer oil stays below $50, the more likely there will be an oil supply shortage in 2018.
Non-OPEC oil production has dropped over 2,000,000 barrels per day YOY and it continues to decline 150,000 to 200,000 BPD month-after-month.
The longer oil stays below $50, the more likely there will be an oil supply shortage in 2018.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group