• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 58 mins The Tony Seba report
  • 6 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 14 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 10 hours Kenya Eyes 200+ Oil Wells
  • 6 mins Erdogan After Erdogan: New Presidential Mandate After Yesterday's Elections
  • 10 hours Are Electric Vehicles Really Better For The Environment?
  • 23 hours Oil prices going Up? NO!
  • 4 hours LNG Shortage on the Way
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 hours Could Venezuela become a net oil importer?
  • 19 hours Saudi Arabia turns to solar
  • 2 days Oil prices going down
  • 10 hours OPEC soap opera daily update
  • 2 hours Sell out now or hold on?
  • 2 days Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 hour No LNG Pipelines? Let the Trucks Roll In
Alt Text

Can Oil Pull Greece Out Of Poverty?

Greece’s withering economy could use…

Alt Text

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Supply Risks Loom, Creating Potential for Higher Oil Prices

Supply Risks Loom, Creating Potential for Higher Oil Prices

Friday, June 24, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Iran’s rapid progress

- Iran has made shocking progress in boosting oil production. Since January, when international sanctions were removed, Iran has managed to increase production by 730,000 barrels per day.
- Iranian oil production hit 3.64 million barrels per day (mb/d) in May, about 80,000 barrels per day higher than in the month of April.
- Much of Iran’s increased output has gone to Europe, where Iran is fighting to retake lost market share.
- The extra supplies have prevented a sharper rally in international oil prices. But Iran’s near-term progress could be reaching its limits. Without investment in new oil fields, production could stagnate.
- The IEA projects Iran will average 3.6 mb/d for 2016 – roughly where output currently stands – and only rise to 3.7 mb/d in 2017.
- Iran has a goal of attracting $100 billion in new investment, but uncertainty over oil contracts along with lingering sanctions from the U.S. government could scare away western oil companies, at least for a while. Iran may not be able to significantly boost production from today’s levels for a few more years.

2.…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News