Space Industry and Business News  
OIL AND GAS
OPEC deal holding, though look out for U.S. oil
by Daniel J. Graeber
London (UPI) Jan 12, 2017


disclaimer: image is for illustration purposes only

A survey of production data from OPEC shows evidence of a managed decline, but the durability of that trend is a critical question, a survey found.

A survey of December production data from members of the Organization of Petroleum Exporting Countries showed total output was down about 280,000 barrels per day from the previous month, S&P Global Platts reported.

December production was 32.85 million bpd collectively. The production group in November agreed to managed declines of 1.2 million bpd from October figures for a target of 32.5 million bpd. Formal implementation began Jan. 1.

Eklavya Gupte, a senior editor at S&P Global Platts, said December figures show OPEC so far is committed to a production arrangement designed to offset supply-side pressures that dragged on crude oil prices last year.

"But the crucial question is whether OPEC and non-OPEC can make the compliance stick long enough to clear out the stock overhang," he said in an emailed statement.

Iran is the only member of OPEC allowed room for production growth. Iraq initially balked at the agreement, though its oil minister said recently there were plans in place to reduce output for the year.

Libya, meanwhile, is exempt from the agreement as it looks for production gains to offset the strains of conflict along divided fronts. Platts reported, however, that any increases from Libya likely won't be enough to derail the OPEC arrangement.

A bigger question may be U.S. crude oil production. Expensive shale oil operations were sidelined by declining crude oil prices last year, though operators are slowly crawling back to work. A report from the U.S. Energy Information Administration reversed course to forecast a slight increase in total crude oil production this year as oil markets pave the way for sector recovery.

"A close eye will also kept be on the US shale oil industry, as it seeks a rebound in output amid higher oil prices," Gupte said.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Gas prices higher on average because of regional issues
Washington (UPI) Jan 10, 2017
Refinery issues for western U.S. states and higher crude oil prices pushed the national average price for gas to its highest point since June, retail data show. Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.37, an increase of about 2 cents from last week and 16 cents, or 7 percent, higher than one month ago. The West Coast ... read more


OIL AND GAS
New active filaments mimic biology to transport nano-cargo

Manufacturing platform makes intricate biocompatible micromachines

Rice U probes ways to turn cement's weakness to strength

Au naturel catalyst mimics nature to break tenacious carbon-hydrogen bond

OIL AND GAS
U.S. Navy selects Raytheon for tactical radio production

Underwater radio, anyone?

Japan to Launch First Military Communications Satellite on January 24

Intelsat General to provide satellite services to RiteNet for US Army network

OIL AND GAS
Russia to face strong competition from China in space launch market

Vega And Gokturk-1A are present for next Arianespace lightweight mission

Antares Rides Again

Four Galileo satellites are "topped off" for Arianespace's milestone Ariane 5 launch from the Spaceport

OIL AND GAS
China to offer global satellite navigation service by 2020

Austrian cows swap bells from 'hell' for GPS

Russia, China Making Progress in Synchronization of GLONASS, BeiDou Systems

Alpha Defence Company To Make Navigation Satellites For ISRO

OIL AND GAS
MH370: No suspicions of crew, passengers, says French probe

ALIAS Pushes the Envelope on Aircraft Automation

U.S. Air Force contracts BAE Systems for intelligence sharing

Fadea completes C-130 upgrades for Argentina's air force

OIL AND GAS
Researchers create practical and versatile microscopic optomechanical device

Illinois team advances GaN-on-Silicon for scalable high electron mobility transistors

Germanium's semiconducting and optical properties probed under pressure

Random access memory on a low energy diet

OIL AND GAS
Are we exploring in the wrong direction

Fossil fuel formation: Key to atmosphere's oxygen?

Watching the Upper Atmosphere for 15 Years and Counting

Scientists use satellites to spot Svalbard avalanches

OIL AND GAS
Where is heavy air pollution in Beijing from

Mayor of Beijing promises new environmental police force

Slovak 'Wastebusters' on anti-litter crusade

Madrid lifts partial car ban as pollution eases









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.