Published: Tue, June 06, 2017
Business | By Jorge Reeves

United States oil production could reach all time high during 2017

United States oil production could reach all time high during 2017

Oil regained some ground on Thursday following upbeat data from an industry group that USA crude inventories fell sharply last week.

The major issue for Oil markets is with United States shale's relentless output and resistance to low prices, OPEC are being forced into record levels of cooperation with partners and non-OPEC partners (such as Russia) to try and dent the seemingly endless supply of Oil that has crushed the price in recent times. "If for some reason we need to do more, we will consider doing more including. bigger cuts".

Domestic gasoline and diesel prices are expected to drop next week, after two consecutive weeks of increases, amid renewed concerns over a global supply glut in the worldwide oil market, market sources said Friday.

"Our joint declaration with Russian Federation concluded that while the rebalancing goal is on its way to being achieved, more needed to be done to draw inventories toward the five-year average", Falih said.

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Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies. While U.S. stockpiles have edged lower, rising American production and drilling is fanning concerns that OPEC's efforts to trim a global glut will be hampered.

Last week, crude came under pressure despite a sizeable decline of 6.43 million barrels reported in U.S. crude stocks for the week ended May 26, in addition to a draw of 2.86 million barrels in gasoline inventories.

In March, according to the monthly data, daily oil production in Texas barely registered an increase, edging up 0.1 percent to 3.3 million barrels.

USA crude production rose almost 500,000 barrels per day (bpd) last week from year-earlier levels.

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Part of the problem is that production is increasing in members such as Libya and Nigeria, which are exempt from making cuts as they restore output after internal strife, said BP chief executive officer Bob Dudley.

Both OPEC and non-OPEC producers reached an agreement last week to extend the production cuts they had set previous year by nine more months.

While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April.

US drillers this week added 11 rigs, in a record stretch of 20 straight weeks of additions, data from energy services company Baker Hughes showed. But production is still half the 1.60 million bpd Libya pumped before the 2011 civil war.

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But Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance, said the US decision to walk away from the climate agreement was not likely to impact oil markets.

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