Onshore operators in the Lower 48 States are beginning to experience inflation following a large dose of first-quarter development activity, according to consultancy Wood Mackenzie, Kallanish Energy finds.
The extension of another six months of the OPEC and non-OPEC oil output deal is becoming more likely to happen, as Saudi Arabia and Kuwait strongly signal Thursday consensus is growing among oil producers.
Saudi Arabia, the world’s largest crude exporter and the biggest contributor to the OPEC output cut deal, has trimmed its crude exports to a 21-month low in February, Kallanish Energy learns from the Joint Organisations Data Initiative (JODI) website.
Non-OPEC crude oil supply is expected to grow by 485,000 barrels per day (BPD) in 2017, compared to a 790,000 BPD decline last year, the International Energy Agency forecast last week in its monthly oil report.
Pending an official announcement regarding the extension of the crude oil production agreement and future compliance assessments, OPEC crude oil production volumes will approach pre-agreement levels during the second half of 2017, the Energy Information Administration reports.
Once again “higher-than-expected” growth in the U.S. crude oil production has pushed OPEC to revise upwards its non-OPEC supply forecast for 2017, Kallanish Energy learns from the group’s latest monthly report.
Compliance among OPEC’s 11-member pledges to cut oil output has been better than anticipated in March at 104%, Reuters reported on Tuesday citing the cartel’s monthly data, which are to be published today.