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Mass media / Periodicals

U.S. may cut oil production by 0.2%, while maintaining world leadership

"Oil of Russia" 01.08.2019 at 14:01

United States may still lead in oil production in the world, producing an average of 12,108 million barrels of oil per day ahead on this indicator the Russian Federation and Saudi Arabia, who maintained second and third places respectively, according to data of the Ministry of energy, energy information administration US Department of energy (EIA) and OPEC report.

thus, according to the EIA, the US may have cut production by 0.2% compared with April.

According to the website of the Ministry of energy, Russia in may produced 47 million tons of oil, equivalent to approximately 11,113 million barrels per day. During the month average daily production decreased by 1.1%. At the same time, according to the July report of OPEC, oil production in Saudi Arabia in may decreased by 0.8% from April, totaling 9,687 million barrels per day.

the United States in November 2017 for the first time broke its historical record for oil production almost 50 years ago. The figure then reached 10,103 million barrels per day compared to 10,044 million barrels per day in November 1970. After November 1970, the average daily production in the U.S. began to decline on the background of the depletion of conventional reserves, and in September 2008 it fell to 3,974 million barrels per day.

However, over the last 10 years oil production in the United States rebounded due to the development of technology made more accessible and profitable stocks hard-to-recover shale oil. An additional incentive was the lifting in the USA in December 2015 ban on oil exports that lasted 40 years. The current growth in production also contributed to the recovery of the oil market after the recession in 2014-2015.

the Agreement by OPEC and several non-organisation countries (OPEC+) on the reduction of oil production to stabilize the situation on the market is valid from the beginning of 2017. His action was repeatedly extended, and the terms changed. So, for the first half of 2019 the production cuts agreed in the amount of 1.2 million barrels per day from October 2018. July 2, OPEC members+ extended agreement on the same terms for another nine months – until April 2020.

Source: PRIME