Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

ADDING MULTIMEDIA PIRA Energy Group Reports that the U.S. Is Now the World's Largest Oil Supplier

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/15/2013 | 05:22pm CEST

U.S. total liquids supply for 2013 is expected to average 12.1 million barrels a day

PIRA Energy Group, a NYC-based energy markets consulting firm, reports that the U.S. is the world's largest producer of oil in 2013, according to data presented at PIRA's recent Retainer Client Seminar held in New York City on October 10th and 11th.

U.S. total supply for 2013 is expected to average 12.1 MMB/D. In 2012 the U.S. overtook Russia to become the second largest supplier of oil and was just behind Saudi Arabia. Both the U.S. and Saudi Arabia increased their supply in 2013, though production in the U.S. grew at a faster pace. U.S. total supply in 2013 is larger than that of Saudi Arabia by 0.3 MMB/D and ahead of Russia by 1.6 MMB/D. The fourth through 10th largest suppliers are: China, Canada, UAE, Iran, Iraq, Kuwait, and Mexico.

Total oil supply counts all forms of liquids supply. The largest part is crude oil, including condensates. In this category, the U.S. is expected to produce 7.4 MMB/D, which is less than that produced in Saudi Arabia and Russia by roughly 3 MMB/D each. But the U.S. has substantial other forms of supply, including natural gas liquids (NGLs) at 2.5 MMB/D, biofuels at 1.0 MMB/D, and "refinery gain" at almost 1.3 MMB/D. (Refinery gain measures the ability of a refinery to optimize its output through sophisticated high conversion capabilities.)

The U.S. has surged to be the world's lead oil supplier because of growth in shale oil. Shale crude and condensate production at 2.5 MMB/D in 2013 is now slightly over one-third of total U.S. crude production, and shale NGL at 1.2 MMB/D is almost half of total NGLs. Shale crude is seen growing by 0.8 MMB/D this year, while shale NGL grows 0.3 MMB/D versus 2012. The U.S. shale liquids growth of 3.2 MMB/D over the last four years has been nearly unparalleled in the history of world oil; only Saudi Arabia in 1970-74 raised its production faster.

U.S. total supply growth in 2013 is seen at 1.0 MMB/D and about the same as last year's growth. Its growth rate is greater than the sum of the growth of the next nine fastest growing countries combined and has covered most of the world's net demand growth over the past two years.

The U.S. position as the largest oil supplier in the world looks to be secure for many years. Although growth rates of U.S. shale liquids are expected to become smaller in the future, PIRA's forecast sees the U.S. increasing the lead over the next two largest countries until after 2020 and retaining the lead to at least through 2030.

For more information click here for additional information on PIRA's global energy commodity market research services.

PIRA Energy Group
Attn: Fran Falchook
3 Park Avenue, 26th Floor
New York, NY 10016
212-686-6808
sales@pira.com


© Business Wire 2013
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
09:43a Ten most active stocks on Tokyo Stock Exchange
09:43a BOEING : Malaysia Airlines orders Boeing 737 MAX jets in $5.5 billion deal
09:43a FOOTBALL TRANSFER RUMOURS : Blaise Matuidi to Manchester United and Jesé to Arsenal?
09:42a FDM : Pays Out 16% More As Mountie Expansion Pays Off
09:41a NINTENDO : in wider-than-expected first quarter loss, but hopes high for Pokemon GO
09:41a CREO : Expands Management Consulting Practice Into Charlotte
09:40a NINTENDO : in wider-than-expected first-quarter loss, but hopes high for Pokemon GO
09:40a ANK BASHNEFT' PAO : Bashneft boosts oil production by 10.9% in the first half of 2016
09:40a ANK BASHNEFT' PAO : Alexey Teksler is elected Chairman of the Board of Directors of Bashneft
09:39a ANALYSIS : China emerges more muscular after ASEAN meetings
Latest news
Advertisement
Hot News 
7.04%FORTESCUE METALS : Output Costs Fall Further, Nears Balance Sheet Goals
6.29%PEUGEOT : Profit Lifted by Cost Cuts
-1.56%AGL ENERGY : QIC, Future Fund Join AGL Energy in Renewable Energy Fund -- Update
3.33%AIRBUS : hit by 1.4 billion euros in charges in second quarter
5.18%AIR FRANCE KLM : warns of uncertainties as second-quarter revenues drop 5 percent
Most Read News
07/26 Wall St. mixed, Apple impresses and Twitter disappoints
07/26 AUSTRALIA POST AUSTRALIAN POSTAL : invests in Newcastle eCommerce
02:35a BANCO SANTANDER : Santander posts 50 percent fall in second quarter net profit on one-off charges
Most recommended articles
03:37a NINTENDO : in wider-than-expected first quarter loss, but hopes high for Pokemon GO
03:37aDJBASF SE : Profit Retreats on Falling Oil and Gas Prices--Update
03:34aDJChina Shanghai Rubber Futures Closing Prices, Volume
03:31a ST JAMES PLACE : sees no Brexit impact after forecast-beating first half
03:23aDJBANCO SANTANDER : Santander Profit Dented by Restructuring Costs -- 2nd Update