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

4-Traders Homepage  >  News  >  Companies  >  All News

News : Companies

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors

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 CET

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
[email protected]


© Business Wire 2013
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Companies"
07:31a CLEANTECH INVEST OYJ : Loudspring increases ownership in Eagle Filters
07:31a VERKKOKAUPPA.COM OYJ : Managers' Transactions
07:29a SAVILLS : Blair Athol Childcare Centre Fetches $6.325 million
07:29a MARTIN ZARICH : “The moment is now, not in five years’ time”
07:29a PHILIP MORRIS PAKISTAN : reorganizes Green Leaf Buying, Processing Establishments
07:29a PAKISTAN STATE OIL : Stock markets witness turbulent last week, declines 2.3pc
07:29a Extremism and peace
07:28a UNIBAIL RODAMCO : agrees to buy Australia's Westfield for $24.7 billion including debt
07:28a BLOCKCHAIN : Cryptocurrency needs cautious approach
07:28a SAMSUNG HEAVY INDUSTRIES : Shipbuilders in serious limbo
Latest news "Companies"
Advertisement