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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
Data suggests a shift in US production from US shale to offshore production according to Bloomberg after the latest EIA drilling report showed another decline this month.
- Oil Production in the major US shale oil basins will fall from a revised 9.603mb/d output in October by 50k b/d in November to 9.553mb/d according to EIA yesterday. The biggest fall in oil production comes from Permian with a 30kb/d decline and Eagle Ford with a fall of 19kb/d.
- Total US oil output rose to 13.13mbpd last quarter and is expected up to 13.16m in Q4 according to the latest EIA STEO boosted by strong offshore production. US Gulf production was almost 2mbpd in July, an increase of 4% on the month and an 11.7% rise on the year.
- The latest Baker Hughes oil rig count on Friday showed a small increase on the week to 501 but is still down over 20% from a peak in November.
- Early this year oil services provider SLB suggested more than $500bn in final investment decision are expected to 2025 with more than $200bn for deepwater.
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.
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