Rising U.S. oil production knocks OPEC off course: Kemp

3 May 2017   OPEC

An oil derrick and wind turbines stand above the plains north of Amarillo, Texas, U.S., March 14, 2017. U.S. crude production is surging, complicating OPEC’s efforts to rebalance the oil market. U.S. production rose by more than 450,000 barrels per day (bpd) in the five months ending in February, according to the U.S. Energy Information Administration (EIA) ( tmsnrt.rs/2p1SftR ). Total U.S. crude production has increased from a recent low of 8.567 million bpd in September to 9.031 million bpd in February (“Petroleum Supply Monthly”, EIA, April 28). Production continued rising in March and April, and now stands at over 9.2 million bpd, according to weekly estimates published by the agency (“Weekly Petroleum Status Report”, EIA, April 26). Weekly estimates are considered less reliable than the monthly numbers, but the two series have tended to follow one another closely, so there is no reason to doubt the continued growth […]

Comments are closed.