" Critical Review of Polymer Flooding in Daqing Field and Pelican Field: Case Studies of the World's Largest Polymer Flooding in Light and Heavy Oil Reservoirs, Respectively." Journal of Engineering Research and Reports, vol. Energy Information Administration. " China Surpassed the United States as the World’s Largest Crude Oil Importer in 2017."Įzeh, Okechukwu, et al. “ Evolution of Canada’s Oil and Gas Industry,” Pages 5–7. " International Energy Outlook 2021, Table G2: World Crude Oil Production by Region and Country, Reference Case."Ĭanadian Centre for Energy Information. “ International Energy Outlook 2021, Table G1: World Petroleum and Other Liquids Production, Reference Case.” " Country Analysis Brief: Saudi Arabia,". “ Member Countries.”Ĭentral Intelligence Agency: The World Factbook. Organization of the Petroleum Exporting Countries. Petroleum Trade to Shift Toward Net Imports During 2022." oil and gas production has declined slightly in the first and second quarters of 2022 due to weather-related constraints like heavy snowfall in North Dakota’s Williston Basin, the report said. " Pennsylvania Natural Gas Plant Liquids Production." While rig counts have similarly increased slightly in oil and gas fields across the country, U.S. " International Data: Petroleum and Other Liquids." " Frequently Asked Questions: What Countries Are the Top Producers and Consumers of Oil?" “ June 2022 Short-Term Energy Outlook, Table 3a: International Petroleum and Other Liquids Production, Consumption, and Inventories.” The price forecast is highly uncertain, however, and a number of factors could push prices higher or lower than our forecast.U.S. Our crude oil production forecast assumes the West Texas Intermediate crude oil price averages $79/b in 2022 and $64/b in 2023, which we expect will lead to continued increases in drilling activity and crude oil production in the United States. We forecast that production in the Permian region will average 5.3 million b/d in 2022 and 5.7 million b/d in 2023. The Brent spot price for crude oil (the international benchmark) reached $97 per barrel (b) on February 7, 2022, the highest nominal price (not adjusted for inflation) since September 17, 2014.įrom January 8, 2021, to February 7, 2022, the L48 added 220 oil-directed rigs, 114 of which were in the Permian region. Legacy production, or crude oil production from existing wells, typically declines relatively quickly in tight oil formations, and we expect that production from new wells will offset these legacy production declines.Ĭrude oil prices have generally increased since April 2020, resulting in increased crude oil production. Production from new L48 wells, particularly in the Permian region, drive our forecast of U.S. Nearly 60 cited 'investor pressure to maintain capital discipline' as the primary reason oil companies weren't drilling. We expect more than 80% of that crude oil production growth to come from the Lower 48 states (L48), which does not include production from Alaska and the Federal Offshore Gulf of Mexico. As to why they weren't drilling more, oil executives blamed Wall Street. We forecast that crude oil production in the United States will rise by 630,000 b/d in 2023 to average 12.6 million b/d. crude oil production will increase to 12.0 million b/d in 2022, up 760,000 b/d from 2021. In the February STEO, we forecast that U.S. We expect new production in the Permian Basin to drive overall U.S. crude oil production to record-high levels in 2023, reaching a forecast 12.6 million barrels per day (b/d). In our February 2022 Short-Term Energy Outlook (STEO), we forecast that crude oil prices will remain high enough to drive U.S.
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