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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.