• 50 mins Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 5 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 6 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 7 hours Rosneft Signs $400M Deal With Kurdistan
  • 9 hours Kinder Morgan Warns About Trans Mountain Delays
  • 16 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 21 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
Are Combustion Engines Reaching Peak Demand?

Are Combustion Engines Reaching Peak Demand?

As countries announce plans to…

EIA’s Latest Petroleum Report Yields Few Surprises

EIA’s Latest Petroleum Report Yields Few Surprises

The EIA has just published their Petroleum Supply Monthly with July production data for the USA and all states and territories. There were really no big surprises.

(Click to enlarge)

US C+C production was up 94,000 barrels per day in July to 9,358,000 bpd.

(Click to enlarge)

The gain came from the Gulf of Mexico. The GOM was up 147,000 bpd to 1,584,000 bpd. Without the GOM input, U.S. production would have been down 53,000 bpd.

Related: Is The U.S. About To Break One Of Its Own Nuclear Treaties?

(Click to enlarge)

Texas was down but not by much, only 12,000 bpd to 3,447,000 bpd. That is 197,000 bpd below their high in March of 3,644,000 bpd.

This I don’t understand. The EIA now gets its estimates directly from the states yet there is a difference. Perhaps the NDIC had revised their data when the EIA called.

Related: Fund Managers Have Their Own ‘Black Monday’ Thanks To The Saudis

(Click to enlarge)

Oklahoma was down 17,000 bpd to 339,000 bpd.

(Click to enlarge)

New Mexico was down 11,000 bpd to 410,000 bpd.

(Click to enlarge)

I took the Weekly Energy Review and averaged it into monthly average. As you can see it differs greatly from both the Monthly Energy Review and the Petroleum Supply Monthly. However for last July and August it agrees pretty closely with the Monthly Energy Review. And it says production dropped just over 200,000 barrels per day from August to September.

(Click to enlarge)

This is the weekly data, since December from the Weekly Petroleum Status Report. It has U.S. production dropping every month since June.

I thought the below article said a lot about Russia.

Russian Oil Producers Head for Tax Showdown Amid Output Warnings

Russia’s Energy Ministry estimated last week that oil output would be stable until 2035 at a level of about 525 million metric tons a year, or 10.5 million barrels a day, as investment in new projects offset declines at older fields. If the government approves the planned tax hike, investments could slump by 50 percent and total oil production drop by 100 million metric tons over next three years, Energy Minister Alexander Novak said in an interview to state TV Friday.

Related: Trouble Ahead For The World’s Next Shale Boom?

“In a lower capex environment, the output decline at mature Russian fields may reach some 5 percent already next year,” Alexander Nazarov, oil and gas analyst at OAO Gazprombank, said by phone. “New projects won’t be able to cushion the total decline.”

They are saying that if they get enough investment in new projects to offset declines in their old fields, then they can keep production flat for the next 20 years. Otherwise they are headed lower. Their old fields will be declining at about half a million barrels per year. I don’t think even if they do get the tax breaks they can come up with that much new oil. And most certainly they cannot do it for 20 years.

By Ron Patterson

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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