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OPEC Cuts Could Help Encourage Higher US Output

OIL

The unexpected OPEC oil production cuts could lead to higher demand for US oil in Europe and Asia and could encourage some producers to boost output according to Reuters sources. The cuts should raise demand for US medium and sour crudes as Middle Eastern sour crudes become more expensive.

  • "We could see an additional 200kbpd by the end of the year" from US producers according to Rystad Energy with the volumes likely headed to Europe.
  • The latest monthly EIA data showed US crude production rose 2.9% in January to 12.462mbpd and the highest since March 2020.
  • Last month EIA estimated US crude oil production slightly lower in 2023 at 12.44mb/d and 12.63mb/d in 2024.
  • US oil and gas activity stalled in Q1 2023 as production gains slowed and drillers' outlooks turned negative, according to a Federal Reserve Bank of Dallas survey last week. The activity index fell to 2.1 from 30.3 in Q4 2022 due to increased operating costs, higher interest rates and as lower crude and natural gas prices cut cash flow.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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