Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

10/15/2013 | 12:22pm US/Eastern

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
React to this article
Latest news
Date Title
02:59a TRINITY MIRROR : Corrections & complaints
02:59a PEUGEOT : Ideas above its station? ; Peugeot's latest 308 SW is aiming high. ANDY ENRIGHT assesses whether the French have zeroed their sights correctly.
02:59a HYUNDAI HCN : i on the Focus market
02:58a J SAINSBURY : Sainsbury's is to roll out
02:58a RENAULT : Dacia prime movers
02:58a MANCHESTER UNITED : Sturridge facing a month out ; sturridge blow
02:58a TATA MOTORS : In top gear ; city desk
02:58a MANCHESTER UNITED : ROO OF THE ROVERS ; ENGLAND v LITHUANIAEURO 2016 GROUP E QUALIFIER WEMBLEY, 7.45PM After months of misery in United's midfield, captain Rooney is...
02:58a BEKAERT : completes acquisition of Pirelli tire cord plant in China
02:57a AUDI : Join Q for an Audi
Latest news
Advertisement
Hot News 
MORPHOSYS : to Host Conference Call on Announcement Regarding the Termination of the Co-development and Co-promotion Agreement for MOR202
TRANSGENE : Reports 2014 Financial Results and Outlines Promising Clinical Pipeline
RED HAT : shares jump 10 percent
SANDISK : Harwood Feffer LLP : Announces Investigation of SanDisk Corp.
IMIMOBILE : confident of bright future in strong trading year
Most Read News
03/26 DEUTSCHE LUFTHANSA : EDITORIAL: The mystery of Germanwings Flight 9525
03/26 CANFOR : and Canfor Pulp Products Inc. Announces Annual General Meeting and First Quarter Results Conference Call
03/26 ENDURO ROYALTY : Provides Updated Tax Information
03/26 AMERICAN APPAREL : Ousted American Apparel chief seeks $40M over firing
03/26 SHOPPERS' PERSONAL INFO NOT PART OF RADIOSHACK SALE : ombudsman
Most recommended articles
02:55a Currency Markets Focus on ECB, BOE, Fed Commentary Into Week-End
02:49aDJCHEVRON : to Sell Caltex Australia Stake
02:14a South Korea sees gains for its infrastructure firms from joining AIIB
02:11a Japanese factory output seen falling in February, but outlook solid
02:11aDJHyundai Elevator Frustrates Foreigners
Dynamic quotes  
ON
| OFF