Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
US crude production is holding at a record high of 13.3mb/d in July despite a steady decline in the number of drilling rigs.
- The number of US rigs are down nearly 10% since mid-April to the lowest level since December 2021, according to the Baker Hughes data. US oil rig count has gradually fallen from a peak of 627 in November 2022 to 477 in data released last week on July 19.
- Higher productivity per new well and the use of some of the stockpiles of drilled but uncompleted wells is helping boost output, according to Bloomberg.
- EIA forecast US crude production for 2024 at 13.25mb/d, while output is expected to grow by 3.9% between 2024-2025 to 13.77mb/d.
- However, almost half of the 130 executives surveyed by Dallas Fed last month expect oil production to soften if the ongoing consolidation in the industry continues over the next five years.
- Energy investor Vaughan Nelson last month warned that production could decline about 1mb/d by the second half of 2025 unless rig counts rise.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok