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The data comes on the same day that the Organization of the Petroleum Exporting Countries adjourned a meeting without announcing a supply-cut agreement as it grapples with sinking prices due in part to the surge in U.S. output that has upended the global supply equation. Crude inventories fell 7.3 million barrels last week, the first drawdown since September, as net crude imports hit a record low of 4 million bpd, the U.S. Energy Information Administration said on Thursday double initial cufflinks uk online. (Graphic: U.S. turns into net exporter of oil – tmsnrt.rs/2Rz57Xn)..
U.S. crude prices have sagged almost a third since hitting a four-year high near $76 a barrel in October double initial cufflinks uk online. That was in part due to concerns about oversupply coming to the fore again as U.S. production rose in tandem with increased output from Saudi Arabia and Russia. The three countries are the world’s largest producers of oil. That has created a dilemma for Saudi-led OPEC, which wants to maintain higher prices but avoid ceding more market share to shale producers. On Thursday, OPEC adjourned its meeting in Vienna, aiming to reach an agreement with Russia on Friday..
“It seems EIA has a habit of sending bad news to OPEC during its Vienna meetings. In the past, it has been surging U.S. production numbers. But this time was truly remarkable and historic showing data for net crude imports as -211,000 bpd,” said Joe McMonigle, analyst at Hedgeye in Washington. U.S. crude production is expected to average more than 12 million bpd in 2019, according to the EIA, an increase of more than 3 million bpd in 2016. Shale production surged in the early part of the decade as companies started to use hydraulic fracturing, or fracking, to extract oil in basins in Texas, North Dakota and other states double initial cufflinks uk online.
U.S double initial cufflinks uk online. output rose to 9.7 million bpd in mid-2015, just shy of the nation’s all-time high set in 1970, but fell off when OPEC flooded the world markets with supply to try to hinder the shale industry. But OPEC was forced to curb output in 2016 as oil-producing nations faced budget shortfalls, and as prices recovered, shale’s output accelerated. “Every single month, every single year, we’re going to become more of a global pie and that’s a part of the pie you can’t control – it’s completely different than the OPEC piece,” said Bernadette Johnson, vice president in market intelligence at Drillinginfo in Denver..
For the week, the United States also posted net exports of 4.2 million bpd of products like gasoline and diesel. The weekly figures are subject to wide fluctuations, however, so the sudden shift may be a temporary occurrence. Andrew Lipow, president of Lipow Oil Associates in Houston, said he was not surprised this happened in the winter, a seasonally slow period for domestic gasoline demand. U.S. oil prices ended Thursday lower, due to concern that planned OPEC production cuts will be smaller than originally anticipated. U.S double initial cufflinks uk online. crude futures lost 2.7 percent on the day, while Brent crude dropped by 2.4 percent..