Friday, 23 June, 2017

IEA expects larger than anticipated USA shale boost

From an average of 2.83 million bpd in 2015 output soared to 3.53 million bpd in the following year IEA expects larger than anticipated USA shale boost
Julia Daniel | 21 January, 2017, 00:47

High prices had driven consumers to smaller, more fuel efficient vehicles, and US production had surged because of improvement in shale technology.

In the next month, production is set to increase to 40,750 barrels per day (bpd), after witnessing a three month decline.

Ning's comments come as Donald Trump takes the oath of office to become the next US president.

OPEC, excluding Indonesia, pumped 33.085 million barrels per day last month, according to figures the body collects from secondary sources, down 221,000 bpd from November, it said in a report on Wednesday.

Earlier Barkindo stated that OPEC and non-OPEC producers agreed to establish a joint ministerial monitoring committee and a Vienna meeting would adopt an oversight and compliance mechanism.

These gains were limited by the news that US producers are continuing to open new rigs.

Brent for March settlement added as much as 59 cents, or 1.1 percent, to $54.51 a barrel on the London-based ICE Futures Europe exchange.

The U.S. Energy Information Administration added to concerns by reporting Thursday that crude stockpiles rose by 2.3 million barrels in the week ended January 13-defying some market expectations for a decline. The IEA said that while it was "far too soon" to gauge OPEC members' levels of compliance with promised cuts, commercial oil inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for December.

Representative Ryan Zinke of Montana, President-elect Donald Trump's nominee for interior secretary, on Tuesday said he would consider an expansion of energy drilling and mining on federal lands but would ensure sensitive areas remain protected.

These losses paralyzed USA oil producers and shut them out of the oil production market which led to huge losses for US companies in global crude oil market share, said Phil Flynn, an energy analyst at PRICE Futures Group, in an interview.

A committee responsible for monitoring compliance with the agreement meets in Vienna on January 21-22. OPEC's own supply should reach 32.5 million bpd some time before the end of June, as per the agreement. The figures showed the biggest reduction came from Saudi Arabia. "Oil volumes for transportation are still robust", said Frontline Management chief executive Robert Macleod.

Comments from Saudi Arabia regarding progress on the output cuts "is giving the market some increased confidence that cheating will be limited and markets will continue to rebalance", Brian Youngberg, senior energy analyst at Edward Jones, told MarketWatch.

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