US Oil Supply in April 2015

Source: OPEC 5/9/2015, Location: North America

US updated total oil supply production across 2014 is estimated to increase by 1.64 mb/d to average 12.88 mb/d, representing an upward revision of 50 tb/d from the last monthly report. The net growth of crude oil output is estimated at 1.22 mb/d, including 1.12 mb/d of tight oil, 0.14 mb/d from the GOM and a decline of 20 tb/d in Alaska. US NGL production (including NGLs from unconventional sources) and biofuels grew by 0.35 mb/d and 0.07 mb/d, respectively. US total liquids output in 4Q was revised up by 116 tb/d to average 13.56 mb/d. The largest increase in 4Q came from crude output, which rose to 9.32 mb/d, a record high in December, while NGL output remained unchanged at 3.12 mb/d. Unsurprisingly, crude output growth was not impacted by falling prices as hedging and commitments in drilling and lease contracts meant drilling continued.

In 2014, oil production from the GOM increased to average 1.39 mb/d, with maximum output being registered in December at 1.46 mb/d. New projects that started to come online in 4Q14 (peak production capacity of 0.26 mb/d) boosted GOM output at yearend. The Cardamom Project (50 tboe/d) came online in September, and mid-November saw the commencement of first oil at the Tubular Bells development, which is expected to produce roughly 50 tboe/d. Finally, Jack/St. Malo also started up in December with a peak capacity of 0.1 mb/d. Averaged across the year, GOM volumes grew by 0.14 mb/d as high decline rates at existing fields offset most of the new additions. The summary of the US annual supply breakdown in 2014. On a quarterly basis, US oil supply (excluding processing gain) is estimated to stand at 11.98 mb/d, 12.82 mb/d, 13.15 mb/d and 13.56 mb/d, respectively.


Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


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