EIA Forecasts Record Yearly U.S. Crude Oil Production of 12.7 million b/d in 2023

In the August STEO, EIA estimate for U.S. crude oil production will average 11.9 million barrels per day (b/d) in 2022 and 12.7 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019. STEO Highlights Estimate EIA STEO Current Yr Crude Forecast (Bpd) Aug: 11.86M (prev 11.91M) Forward Yr Crude Forecast (Bpd): 12.70M (prev 12.77M) Current Yr Dry NatGas Forecast (Bcf/d): 96.59 … Continue reading “EIA Forecasts Record Yearly U.S. Crude Oil Production of 12.7 million b/d in 2023”

U.S. Trade Deficit -$79.6 Billion, China Gap Rises to -$36.95 Billion

The US trade deficit in June was $79.6 billion (consensus $81.7 billion) from a revised deficit of $84.9 billion (from $85.5 billion) in May. The China and US trade deficit rose to -$36.95 billion vs. May deficit $-31.54 billion. Exports were up 3.5% to a record high of $260.8 billion, led by natural gas. Imports fell again to $340.41 billion vs. May $341.43 billion These monthly swings are also influenced by the supply crisis affecting orders and deliveries. Highlights International trade … Continue reading “U.S. Trade Deficit -$79.6 Billion, China Gap Rises to -$36.95 Billion”

OPEC Monthly Oil Market Report July 2022

The OPEC Monthly Oil Market Report (MOMR) for July released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights World oil demand growth in 2022 remains unchanged from the previous month’s assessment at 3.4 mb/d. Oil demand in the OECD is estimated to increase by 1.8 mb/d, while non-OECD demand is seen growing by 1.6 mb/d. Total oil demand is … Continue reading “OPEC Monthly Oil Market Report July 2022”

EIA Raises 2022 Oil Production Forecasts, says OPEC Production Returned to Pre-Pandemic Levels

In the June STEO, EIA raised its estimate that 2022 crude oil production will increase 730k bpd vs 720k bpd a month ago and sees 2023 output increasing 1050k bpd vs 940k a month ago. The EIA estimate that U.S. production of crude oil and other liquids averaged 19.9 million b/d in May, which was within 3% of January 2020’s record high production of 20.5 million b/d. The EIA also estimate that OPEC crude oil and other liquids production has … Continue reading “EIA Raises 2022 Oil Production Forecasts, says OPEC Production Returned to Pre-Pandemic Levels”

U.S. Trade Deficit Pulls Back from Record as Exports Rise Led by Natural Gas, Petroleum Products and Soybeans

The US trade deficit in April was $87.20 Billion down from prior month’s record $-107.7 billion. The China and US trade deficit fell to -$30.57 billion vs. $-34.00 billion last month. Exports were up 3.5% to a record high of $252.6 billion, led by natural gas. Imports collapsed to -3.4% from March rise +9.6%. These monthly swings are also influenced by the supply crisis affecting orders and deliveries. Highlights International trade balance $-87.2 billion vs. $-89.5 billion estimate. The prior … Continue reading “U.S. Trade Deficit Pulls Back from Record as Exports Rise Led by Natural Gas, Petroleum Products and Soybeans”

OPEC Monthly Oil Market Report March 2022

The OPEC Monthly Oil Market Report (MOMR) for March released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights World oil demand growth in 2021 is revised up by 0.05 mb/d, reflecting the actual data across the regions, to now stand at 5.7 mb/d. The 4Q21 figure for all OECD region is revised higher, as a result of the better … Continue reading “OPEC Monthly Oil Market Report March 2022”

OPEC Monthly Oil Market Report February 2022

The OPEC Monthly Oil Market Report (MOMR) for February released Thursday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights World oil demand growth in 2021 is revised up slightly by 17 tb/d, mainly as a result of the better performance in the US, confirming the upward revisions taken last month. Overall, non-OECD growth in 2021 increased by 3.1 mb/d while … Continue reading “OPEC Monthly Oil Market Report February 2022”

U.S. Trade Deficit Soars 27% to Record $859 Billion in 2021 as Imports surge from Inflation and Tariffs.

The US trade deficit in December was $80.70 Billion up from prior month’s $79.30 billion. The China and US trade deficit rose to -$355.3 B for the year. The US trade gap for 2021 in both goods and services rose 27% to hit $859 billion, an annual record as imports grew faster than exports. Imports surged 20.5% with higher prices from inflation and tariffs. Highlights The US trade Deficit rose in both goods and services rose 27% to hit $859 … Continue reading “U.S. Trade Deficit Soars 27% to Record $859 Billion in 2021 as Imports surge from Inflation and Tariffs.”

OPEC Monthly Oil Market Report January 2022

The OPEC Monthly Oil Market Report (MOMR) for January released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights Oil demand growth in the OECD is estimated to have averaged 2.5 mb/d and, in the non-OECD region, oil demand growth is estimated at 3.1 mb/d for the year. In 2022, the forecast for world oil demand growth also remains unchanged … Continue reading “OPEC Monthly Oil Market Report January 2022”

OPEC Monthly Oil Market Report December 2021

The OPEC Monthly Oil Market Report (MOMR) for December released Monday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights Oil demand was adjusted higher in 1H21, amid better-than-anticipated transportation fuel consumption in OECD, offset by a downwardly-revised estimate for 3Q21 due to increased COVID-19 cases and softer industrial production in China, as well as easing transportation fuel recovery in India. … Continue reading “OPEC Monthly Oil Market Report December 2021”