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
Crude oil production growth in the US is expected to remain muted over the coming few years, with 2023 output forecast between 12.4m to 12.9 mb/d compared to 11.9 mb/d in 2022 according to Bloomberg.
- The recovery would leave output below pre-pandemic highs of 13mb/d due to declining well productivity, investor capital discipline, and the rising cost of oilfield services.
- The EIA STEO this week forecast US crude oil production at 12.44mb/d in 2023 and 12.63mb/d in 2024. Output is expected to grow annually in 2024 at an average rate of 190kb/d. The IEA last month estimated 2023 at 12.5mb/d and OPEC estimated at 12.6mb/d.
- Oil production growth was 1.3 mb/d per year in 2017-2020, 0.6 mb/d per year in 2021 and 2022 and BNEF’s bear case sees output growth at just 0.5 mb/d in 2023.
- The weekly Baker Hughes rig count data has shown a slowdown in shale drilling so far this year. The updated oil rig count due out later today is expected to fall again to 589 this week from a peak of 627 in December
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