Posted on 02/26/2015 7:19:09 PM PST by Ernest_at_the_Beach
The world’s largest oil exporters were not pleased with latest news coming from U.S. oil and gas producers: oil production keeps on rising.
(Excerpt) Read more at permianshale.com ...
If production is increasing, why is there a prediction that gas prices are about to spike dramatically? Is that just the media screwing with us again - telling us what they want us to hear as opposed to informative “news”.
bookmark
This source does not require excerpting:
The world’s largest oil exporters were not pleased with latest news coming from U.S. oil and gas producers: oil production keeps on rising.
According to a report by The National, the recent decline in U.S. rig counts is leveling off and domestic production continues to increase. Imports from Canada are on the rise as well. This has resulted in a decreased demand for OPEC produced crude oil in the United States, further perpetuating the struggle for the global market share.
Last week the U.S. rig count fell to the lowest levels since 2011. Despite the decrease in rig count, though, production in North America’s largest shale oilfields has actually been increasing. Recently the U.S. Energy Information Agency gave a projected outlook for domestic production. In a statement the agency reported, “Projected 2015 oil prices remain high enough to support some development drilling activity in the Bakken, Eagle Ford, Niobrara, and Permian basin, albeit at lower levels than previously forecast.”
The EIA also said it expects production to decrease during this year’s third quarter, but not by much before increasing again if oil prices have recovered. Canada, home to some of the highest production costs in the world, has also seen an increase in output. While most of Canadian-produced crude is exported to the U.S., the Canadian National Energy Board reports that exports to other countries are on the rise.
We are still refining more than we use ourselves and export a net surplus of refined products. We import some like gasoline, but export others like diesel. The total is a net export.
Thanks Ernest.
:-)
Cheers!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.