New production projects and a fresh shale boom could boost oil output by a million barrels per day (MMBPD) year-over-year and result in an oversupply in the next couple years, according to Goldman Sachs.
Kuwait wants OPEC to extend production cuts beyond June, becoming the cartel’s first member to call for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded.
Global crude stock build should not be much of a surprise, as there’s still a vast amount of past supply that will take time to work its way through the system, the International Energy Agency said on Wednesday.
The International Energy Agency (IEA) estimated on Wednesday OPEC’s compliance to its deal aimed at cutting output by 1.2 million barrels per day (MMBPD) between January and June stood at 91% in February, Kallanish Energy learns.
Brazilian state-controlled oil and gas company Petrobras saw its output decline slightly in February, on a monthly basis, amid scheduled stoppages at platforms. Total oil and gas output reached 2.82 million barrels of oil equivalent per day (MMMBOE/d) last month, compared to 2.86 MMBOE/d in January.
The Trump administration’s plan to reduce corporate tax rates could provide more than $10 billion annually for U.S. oil producers, opening new opportunities to boost drilling, Kallanish Energy understands.
The Organization of the Petroleum Exporting Countries reported Tuesday a decline of 139,500 barrels per day (BPD) to its crude oil production in February, reaching an average of 31.96 million barrels per day (MMBDP), Kallanish Energy learns.