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Crude marker WTI has remained below $50/B for the last three weeks. So far at least, there is no sign of US producers trimming their plans to boost output over the coming months. The Permian shale oil basin remains their key investment focus. But they are keeping a wary eye on rising prices.
Latest data from the US government’s Energy Information Administration (EIA) shows that crude output averaged 9.314mn b/d over the week to 5 May, the highest figure since August 2015 and just over 300,000 b/d shy of the record figure set in April that year.
And, looking further ahead, the EIA continues to raise its crude output forecasts for this and next year. Its latest Short Term Energy Outlook, released 9 May, forecasts that output will hit 9.685mn b/d, a new record, in November this year and top 10mn b/d in October 2018 (see chart). (CONTINUED - 1976 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Us Crude Output Forecast Hiked Again, Now Slated To Top Previous High In November And 10mn B/D By Oct 2018 (Mn B/D)|
|chart||Oxy Permian Liquids Output Rose To 236,000 B/D In Q1 But Still Below Year-Ago Levels (000 B/D)|
|table||April Rig Count: Algeria Drilling Hits 34-Year High, Qatar Equals Record|