Sentences with phrase «oil output»
"Oil output" refers to the amount or quantity of oil that is produced or extracted from oil wells. It indicates how much oil is being produced by a country, company, or region over a specific period of time. Full definition
It is here that they will review their policy on oil output.
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Lost oil output amounts to around 1 million barrels per day, but since it is unclear when production will be fully restored, the cumulative loss of income remains uncertain.
U.S. crude oil output rose above 10 million barrels per day (bpd) late last year for the first time since the 1970s, overtaking top oil exporter Saudi Arabia.
At first gradual, the uptick is picking up speed; U.S. oil output rose three - quarters of a million bpd in 2012, the largest single - year increase in history.
The deal to cut oil output by 1.8 million barrels a day was adopted last winter by the 14 - member OPEC cartel, Russia and nine other global producers.
The United States will account for 60 percent of global oil output growth through 2023, the International Energy Agency says.
OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of higher - than - expected adherence to its first production cut in eight years.
Meanwhile, the August contract for crude plunged $ 4.40 to close at $ 52.53 (U.S.) a barrel Monday on the prospect of increased oil output from Iran and worries over Greece.
OPEC oil output fell in March to an 11 - month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found, sending compliance with a supply - cutting deal to another record.
News Agency of Nigeria (NAN) recalls that earlier attacks in the oilfield on May 18 and 24 resulted in shutdown of some 5,200 barrels of the Eni's equity share of oil output.
Maugeri also predicts a major increase in Iraq's oil output as it regains stability, which will add new production in the Persian Gulf region — potentially destabilizing OPEC's ability to manage output and prices.
OPEC said Thursday its crude oil output fell last month amid compliance with the oil cartel's agreement to cut production, even as the world's total oil supply continued to Continue Reading
The company said higher - than - expected fourth - quarter corporate production of nearly 89,000 boe / d, an increase of 12 per cent from the third quarter, was realized mainly due to growth in oil output from North Dakota and natural gas from its Pennsylvania Marcellus wells.
OPEC oil output rose slightly in October, keeping the global market well supplied, as additional exports from Iraq, Angola and Libya offset disruptions in Nigeria and a further decline in Iran to its lowest in two decades, a Reuters survey found on Wednesday.
The current agreement between OPEC and allied non-OPEC producers to reduce oil output by 1.8 million barrels a day is set to be extended beyond 2018.
On the other hand, some analysts see the drop in the US rig count and question whether US shale oil output will continue rising.
When Major General Manuel Quevedo became head of Venezuela's oil industry last November, the former housing minister and national guard chief promised to boost oil output by a million barrels Continue Reading
Not only is US oil output expected to grow, but an exit from the Paris accords also sends the signal that the Trump administration is doubling - down on domestic fossil fuels.
U.S. stock index futures pointed to a higher open on Monday morning as traders digest news of an extension of an agreement to freeze oil output.
Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity is likely to grow by nearly 20 percent by 2020, which could prompt a plunge or even a collapse in oil prices, according to a new study by a researcher at the Harvard Kennedy School.
Record oil output from US, Brazil, Canada and Norway to keep global markets well supplied IEA report finds the United States alone will account for nearly 60 % of global supply growth through 2023 5 March 2018
Sadad al - Husseini, recently retired as head of exploration and production at Aramco, the Saudi national oil company, notes that new oil output coming on - line had to be sufficient to cover both annual growth in world demand of at least 2 million barrels a day and the annual decline in production from existing fields of over 4 million barrels a day.
The Bank has therefore advised government to be more efficient in its expenditure, particularly with regards to its capital budget, stressing that «sustaining economic growth as oil output declines would require increased competitiveness and progressive diversification in the non-resource sectors.»
In 2008, less than 2 % of crude palm oil output was processed for biofuel in Indonesia and Malaysia, the world's largest producers and exporters.
Reliance grows on a small number of producers: the increase in output from Middle East and North Africa (MENA) is over 90 % of the required growth in world oil output to 2035.
The market was also supported by concerns around oil output from Venezuela.
About a half of those imports are heavy naphtha, bought by PDVSA to dilute its extra heavy oil output and make it suitable for export.
MOSCOW, May 2 - Russian oil output stood at 10.97 million barrels per day in April, unchanged from an 11 - month high in March and above a target set by a deal with OPEC on curbing output, Energy Ministry data showed on Wednesday.
OPEC and non-OPEC oil giant Russia have agreed to extend oil output cuts until the end of 2018 following hours of discussions in Vienna, according to two reports.
That has changed the situation for all of North America at a time when Mexico's oil and gas output was in decline and Canada found some of its potential oil output landlocked.
Late last year, the Organization of the Petroleum Exporting Countries and other producing countries announced oil output cuts of 1.8 million barrels per day (bpd) for the first six months of this year.
Libya and its growing crude oil output became a major worry for OPEC in the last few months when attacks on fields and pipelines largely subsided, allowing the country holding Africa's biggest oil reserves to recover its production to over 1 million barrels.
As the political and economic climate in Venezuela continues to deteriorate and oil output sinks to new lows, a production vacuum is opening up in the Caribbean.
Despite slumping prices, domestic crude oil output still increased by over 7 %, though that increase is off the pace of previous years.
A 2 MMbbl - carrying supertanker arrived for the first time at a jetty in Texas City as surging U.S. oil output drives up incentives to export.
Russian Energy Minister Alexander Novak said on Monday it was too early to consider exiting the global oil output deal and that any withdrawal from the agreement should be done Continue Reading
OPEC's ministerial committee tasked with monitoring a deal with non-OPEC countries led by Russia to curb oil output by 1.8 million barrels per day until the end of this year Continue Reading
In late June, OPEC members decided to increase their crude oil output quotas further from 1 July.
OPEC's measured oil output declined to an 11 month low in the month of March.
National Bank also highlighted that major maintenance initiatives are planned at Syncrude Canada Ltd., Canadian Natural Resources Ltd.'s Athabasca oil sands project and Suncor Energy Inc.'s base plant — which cumulatively could reduce industry oil output by 650,000 barrels per day in the coming months, easing some of the stress on full pipeline networks.
Iran's current crude oil output level will not be reduced under the extension of the OPEC production cuts, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Thursday.
As OPEC allies push to restrict oil output in an international attempt to bolster crude prices, Nigerian producers are heading in the opposite direction, aspiring to increase output by 250,000 Continue Reading
North Dakota now ranks second behind only Texas in oil output nationwide.
Beyond that, the behavior of socialistic governments like Venezuela and Bolivia tend to reduce oil output because they don't manage the oil and gas deposits as well as those that they replaced.