What is Happening with Oil Production
TODAY IN ENERGY: Monday, January 26, 2015 – EIA
Lower 48 oil production outlook stable despite expected near-term reduction in rig count
The sharp decline in oil prices over last quarter of 2014, which has continued in January, is already having a significant effect on drilling activity in the United States, as shown by the 16% decline in the number of active onshore drilling rigs in the Lower 48 states between week ending 10/31/2014 – 1/23/ 2015.
TODAY IN ENERGY: Monday, February 9, 2015
Iraq was second-leading contributor to global oil supply growth during 2014
Despite some supply disruptions & security threats, Iraq was the second-leading contributor to global oil supply growth in 2014, behind only the US. Iraq accounted for almost 60% of production growth by OPEC, although this growth was offset by production declines by other OPEC members.
Money Morning Press: Tuesday, February 10, 2015
“In fact, the oil picture has already begun to stabilize. absent a major geopolitical crisis, we are not going back to triple-digit oil prices anytime soon. But the trajectory clearly indicates a new medium-term floor in the mid $50s in New York & about $60 in London. By the 4th qtr. of this year, oil prices will likely trade even higher, somewhere in the $70s.Fueled by the onslaught of huge reserves in U.S. unconventional (shale and tight) oil, the oil picture is rapidly changing. Scarcity has suddenly been replaced with abundance.”