The weekly reports from EIA, which I've told you are WAG's, indicated that U.S. oil production increased by 115,000 barrels per day. Their 914 report is what actually happened, based on state reports.
From John White at Roth Capital: "The EIA’s 914 report for April 2017 showed U.S. oil production slightly lower by 24,000 b/d at 9,083 Mb/d compared to March 2017. This was due to a 101,000 b/d drop in offshore Gulf of Mexico output, likely due to seasonal maintenance. Lower 48 onshore production increased by 77,000 b/d to 7,409 Mb/d compared to March 2017. The Lower 48 output increase was led by increases in Texas and North Dakota while Oklahoma was flat. We expect further increases in Lower 48 volumes as recently drilled wells are completed."
Oil Production in the U.S. has slowed
Oil Production in the U.S. has slowed
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Production in the U.S. has slowed
More from John White's weekly report:
On 7/7/2017 Reuters reported that Venezuelan crude exports to the U.S. fell to 491,340 b/d in June, the lowest monthly level since early 2003, because of fewer sales by state-run PDVSA to its unit Citgo Petroleum, according to Thomson Reuters Trade Flows data. PDVSA and its joint ventures sent 29 crude cargoes to the U.S last month versus 42 cargoes in May, a 29% fall in the shipped volumes. Compared with exports in June 2016, the decrease was 25%.
Qatar on 7/7/2017 dismissed as "baseless" accusations that it was financing terrorism, in its first public response to a statement from four Arab states which are leading a boycott against the tiny emirate, Reuters reported. The four - Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain - said in a joint statement late on Thursday that Doha's refusal to accept their demands to end the diplomatic standoff was proof of its links to terrorist groups. In their statement, the four said the initial list of 13 demands they had put to Qatar was now void and they pledged further political, economic and legal steps against the emirate. In its first reaction to the statement from the four, Qatar dismissed as "baseless" the renewed accusations that it was interfering in the affairs of other states and financing terrorism. "The State of Qatar's position on terrorism is consistent and known for its rejection and condemnation of all forms of terrorism, whatever the causes and motives," the state news agency said, quoting a senior foreign ministry source. Qatar was ready to "cooperate and review all claims that do not contradict the sovereignty of the State of Qatar," it added.
On 7/7/2017 Reuters reported that Venezuelan crude exports to the U.S. fell to 491,340 b/d in June, the lowest monthly level since early 2003, because of fewer sales by state-run PDVSA to its unit Citgo Petroleum, according to Thomson Reuters Trade Flows data. PDVSA and its joint ventures sent 29 crude cargoes to the U.S last month versus 42 cargoes in May, a 29% fall in the shipped volumes. Compared with exports in June 2016, the decrease was 25%.
Qatar on 7/7/2017 dismissed as "baseless" accusations that it was financing terrorism, in its first public response to a statement from four Arab states which are leading a boycott against the tiny emirate, Reuters reported. The four - Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain - said in a joint statement late on Thursday that Doha's refusal to accept their demands to end the diplomatic standoff was proof of its links to terrorist groups. In their statement, the four said the initial list of 13 demands they had put to Qatar was now void and they pledged further political, economic and legal steps against the emirate. In its first reaction to the statement from the four, Qatar dismissed as "baseless" the renewed accusations that it was interfering in the affairs of other states and financing terrorism. "The State of Qatar's position on terrorism is consistent and known for its rejection and condemnation of all forms of terrorism, whatever the causes and motives," the state news agency said, quoting a senior foreign ministry source. Qatar was ready to "cooperate and review all claims that do not contradict the sovereignty of the State of Qatar," it added.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Production in the U.S. has slowed
The most optimistic forecast of U.S. oil production that I've seen is 12 million barrels per day by the end of 2018. IMO that is extremely unlikely, but even if it does, shale oil cannot meet global oil demand on its own.
Reuters: The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco's chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul. "If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying," Nasser said. "Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increments such as shale oil will just not cut it," Nasser said.
Full Report: http://www.cnbc.com/2017/07/10/aramco-c ... -drop.html
Reuters: The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco's chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul. "If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying," Nasser said. "Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure. Investments in smaller increments such as shale oil will just not cut it," Nasser said.
Full Report: http://www.cnbc.com/2017/07/10/aramco-c ... -drop.html
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group