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OIL: US Oil Supply Could Exceed Growth Expectation This Year

OIL

US oil supply could exceed modest growth expectations with some leading US shale producers planning more oil output than originally projected this year, according to Bloomberg. 

  • EOG Resources Inc., Coterra Energy Inc. and Civitas Resources Inc. increased their 2024 forecasts on August 1 following recent similar announcements from Ovintiv Inc. and Matador Resources Co. 
  • EOG Resources raised the high end of its production forecast of crude and condensates to 491.8kb/d from 490kb/d while Coterra Energy increased from 105.5kb/d to 108.5kb/d barrels.
  • Civitas Resources is seeing stronger-than-expected well performance in the Permian Basin.
  • Exxon Mobil Corp. and Chevron Corp. previously said they are on track to grow Permian production by 10% this year.
  • The risk of a market surplus has been weighing on crude markets since early July as the prospect of higher than expected US shale output comes as OPEC+ plans to return some supply to the market from Q4 onwards.
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