• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 8 mins The United States produced more crude oil than any nation, at any time.
  • 3 days Bad news for e-cars keeps coming
Editorial Dept

Editorial Dept

More Info

Global Energy Advisory, March 2nd, 2018

Putin

The United States is about to overtake Russia as the world’s top oil producer in 2019, the International Energy Agency (IEA) said, adding this could even happen earlier, before the end of the current year.

Last week, the Energy Information Administration (EIA) reported average daily production of 10.28 million barrels, up by 10,000 bpd from a week earlier, and by 1.25 million bpd from a year earlier, signaling that producers have no immediate plans to stop ramping up output. That comes despite calls from investors to start returning cash to shareholders instead of focusing on production growth exclusively.

The U.S. production trends are also worrying OPEC more than ever because output is growing strongly just as the results of the cartel’s production cuts become evident. The global oil inventory overhang is much smaller than it was two years ago and yet U.S. production is fueling fears that inventories will start growing again despite the cuts.

Prices are responding with excessive volatility, jumping on a remark from an OPEC official here, falling on an estimated U.S. inventory build from the API. Some analysts are forecasting an average price for West Texas Intermediate of above $60 a barrel while others are seeing a range of $50-75. The latter might turn out to be right if the fast production growth continues and more doubts about the strength of global demand are given cause to persist.

Deals, Mergers & Acquisitions

• Malaysia’s Petronas…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News