Tag: The Energy Information Administration (EIA)

U.S. Crude Production Growth Paused In 1H19

Posted on by Robert Boslego

The Energy Information Administration reported that June crude oil production averaged 12.082 million barrels per day (mmbd), down 33,000 b/d from May. The drop resulted from a drop of 58,000 b/d in Oklahoma. Production gained the most in North Dakota (58,000) and Colorado (19,000) while production in Texas was only up 13,000 b/d.

Crude Production

A pause in the growth rate in Texas had been expected due to pipeline constraints, which are expected to be alleviated in the second half of 2019 and first half of 2020. Nevertheless, Texas production reached a new all-time high of 4.982 mmbd.

US Crude Production

The year-over-year gains have been especially impressive with the June figure being 1.410 mmbd. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply add to that. For June, that additional gain is about 540,000 b/d. Continue reading "U.S. Crude Production Growth Paused In 1H19" →

US Oil Production Is 19+ Million Barrels A Day

Posted on by Robert Boslego

The oil market is fixated on U.S. crude oil production. As shown in the EIA Weekly Petroleum Supply Report (see table below), domestic production averaged 12.107 million barrels per day in the year-to-date, up 14.6% v. the same period in 2018.

Crude Oil

However, included within petroleum liquids supply is “Other Supply.” That figure is 6.885 million barrels per day in the year-to-date, up 8.9%, year-over-year. Continue reading "US Oil Production Is 19+ Million Barrels A Day" →

World Oil Supply And Price Outlook, August 2019

Posted on by Robert Boslego

The Energy Information Administration released its Short-Term Energy Outlook for August, and it shows that OECD oil inventories likely bottomed last June 2018 at 2.805 billion barrels. It estimated stocks dropped 16 million barrels in July to 2.887 billion, 61 million barrels higher than a year ago.

However, for the balance of 2019, OECD inventories are projected to rise, on balance. The third quarter seasonal stock draw is over. At year-end, EIA projects 2019 to be at 2.901 million barrels, 40 million more than at the end of 2018. For 2020, EIA projects that stocks will build 58 million barrels to end the year at 2.959 billion.

Oil

The EIA has revised its estimates for future OPEC production down significantly, given the sanctions on both Iran and Venezuela. For much of the balance of 2019 and 2020, it expects OPEC production to remain under 30 million barrels per day. July was reported at 29.61 mmbd. Continue reading "World Oil Supply And Price Outlook, August 2019" →

World Oil Supply And Price Outlook, July 2019

Posted on by Robert Boslego

The Energy Information Administration released its Short-Term Energy Outlook for July, and it shows that OECD oil inventories likely bottomed last June 2018 at 2.805 billion barrels. It estimated stocks dipped by 4 million barrels in June 2019 to 2.902 billion, 97 million barrels higher than a year ago.

However, throughout 2019, OECD inventories are no longer expected to rise any further, on balance. At year-end, EIA projects 2019 to be with 2.899 million barrels, 37 million more than at the end of 2018. For 2020, EIA projects that stocks will build 35 million barrels to end the year at 2.934 billion.

oecd oil inventories

The EIA has revised its estimates for future OPEC production down significantly, given the sanctions on both Iran and Venezuela. For much of the balance of 2019 and 2020, it expects OPEC production to remain under 30 million barrels per day. June was reported at 29.8 mmbd.

OPEC has revised its call (demand) for OPEC oil. For 2020, the average is 29.2 mmbd. Therefore, OPEC must cut supply by another 550,000 b/d from June next year just to balance stocks. Continue reading "World Oil Supply And Price Outlook, July 2019" →

U.S. Crude Production Surges In April

Posted on by Robert Boslego

The Energy Information Administration reported that April crude oil production averaged 12.162 million barrels per day (mmbd), up 257,000 b/d from March. The rise resulted from a 107,000 b/d increase in Texas, a 77,000 b/d increase in the Gulf of Mexico (GOM), a 32,000 b/d increase in Oklahoma, a 14,000 b/d increase in Colorado, and a 13,000 b/d increase in Wyoming.

Crude Production

A pause in the growth rate in Texas had been expected due to pipeline constraints, which are expected to be alleviated in the second half of 2019 and the first half of 2020. Nonetheless, crude production set yet another record high in April.

Crude Production

The year-over-year gains have been especially impressive with the April figure being 1.687 mmbd. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply add to that. For April, that additional gain is about 630,000 b/d. Continue reading "U.S. Crude Production Surges In April" →