• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 14 mins Permafrost Melting Will Cost Us $70 Trillion
  • 4 mins California is the second biggest consumer of oil in the U.S. after Texas.
  • 8 mins Let's just get rid of the Jones Act once and for all
  • 19 hours At Kim-Putin Summit: Theater For Two
  • 19 hours NAFTA, a view from Mexico: 'Don't Shoot Yourself In The Foot'
  • 1 day UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 16 hours "Undeniable" Shale Slowdown?
  • 1 day Nothing Better than Li-Ion on the Horizon
  • 1 day New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 1 day Russia To Start Deliveries Of S-400 To Turkey In July
  • 1 day How many drilling sites are left in the Permian?
  • 19 hours Gas Flaring
  • 11 hours Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
New Electric Vehicles Contain Much More Lithium

New Electric Vehicles Contain Much More Lithium

Lithium carbonate equivalent deployed worldwide…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

OPEC Revises Up Non-OPEC Production Estimates For 2018

offshore rig

U.S. shale suppliers are forcing OPEC to revise upward its estimates for supplies originating outside the bloc’s member nations, according to the latest data released by the bloc.

Non-OPEC production will increase by 1.15 million barrels per day in 2018, up from a previous estimate of a 990,000-bpd jump for the year in last month’s report.

American oil exports, which gained market share over the course of 2016 and 2017, have been offsetting cuts made by OPEC and its band of allies over the past year.

“Higher oil prices are bringing more supply to the market, particularly in North America and specifically tight oil, including unconventional NGLs,” OPEC said in its monthly report. “Shale producers in the US have managed to lower their breakeven costs by 30-50 per cent in 2015-17, by improving technology and efficiency and as oil field service providers offered deep discounts on rigs and crews to retain their share of a shrinking market.”

Oil prices this month have not been so high in three years. At the end of 2017 and early 2018, the sentiment turned decisively bullish amid geopolitical concerns—mostly from the Middle East, signs of a tighter oil market, and healthy global economic growth that boosts oil demand growth.

Related: Cheap Energy Draws Bitcoin Miners To Canada

Still, American crude oil output is set to rise by 1.8 million barrels per day from the nation’s largest shale producing areas over the next year, according to new forecasts by the U.S. Energy Information Administration (EIA).

Rises in U.S. oil production will account for 80 percent of the global oil production increase by 2025, and this production increase will match an increase in demand. 2025 will mark the peak of oil demand, if the International Energy Agency’s projections are accurate. From then on, demand declines consistently, pressured by fuel efficiency and alternatives to internal combustion engines.

By Zainab Calcuttawala for Oilprice.com

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