Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Saturday, 18 August 11:38 (GMT -05:00)



Stock and commodities markets

USA Outpaces Russia to Become World’s Biggest Oil Producer


 

In March 2018, the United States outpaced Russia in terms of oil production. This means that the USA is now the biggest producer of crude oil in the world.
 
In March, American oil companies were producing 10,425 million barrels a day on average while their Russian peers produced only 10,298 million barrels a day on average. Russia is now the second-biggest producer of crude oil in the world while Saudi Arabia is the third-biggest one with 9,907 million barrels produced daily.

The first time the USA came close to Russia in terms of oil production was in February 2018 - 10,298 million b/d against 10,264 million b/d respectively. Saudi Arabia came in third with 9,935 million b/d. According to JODI, while Russia’s daily oil production showed no change and Saudi Arabia’s production shrank by 0,28%, the USA actually continued boosting its oil production, which eventually made America number one.

The U.S. oil export increased by 3.7% up to 1.664 million barrels a day in March. At the same time, Saudi Arabi saw its oil export decline by 1,8% down to 7,122 million barrels a day. There was no clear info on the Russian export. For now, it’s assumed that the export didn’t change much over the reporting period and stayed above 5 million barrels a day.

At the same time, JODI reported American refineries boosted their production by 4,9% up to 16,713 million barrels a day while their Russian and Saudi peers shrank their production a little – under 0,5 percent.

 

 

 

You are free to discuss this article here:   forum for traders and investors

 

Add to blog
Got a question? – Ask it here »
 

Investment Banks Raise Their Oil Forecasts

The world's biggest investment banks have raised their oil forecasts again, for the 10th month in a row, The Wall Street Journal reports. 

Publication date: 02 August 12:00 PM

Oil Prices May Skyrocket to $400/b if Iran Blocks the Strait of Hormuz

Blocking the Strait of Hormuz will inevitably trigger a global energy crisis while pushing oil prices to unseen heights, maybe even all the way up to $400/b. This is what the experts interviewed by PRIME think about the situation.

Publication date: 19 July 09:45 AM

Higher OPEC+ Production Quotas Won’t Raise Oil Prices, Kudrin Says

Chairman of the Russian Accounts Chamber Alexei Kudrin assumes that the OPEC+ participants’ decision to increase the daily oil production quotas won’t affect international oil prices.

Publication date: 16 July 09:58 AM

Trump Urges OPEC to Raise Their Daily Oil Production by 2M Barrels

Donald Trump claims that the OPEC should raise their daily oil production by 2 million barrels. During his interview to Fox News, he accused the oil cartel of manipulating oil prices.

Publication date: 05 July 11:47 AM

OPEC+ Participants Want to Make the Deal Indefinite but Without Quotes

According to Russian Minister of Energy Alexander Novak, the leaders of Russia and Saudi Arabia decided to extend the OPEC+ deal. The minister said that this decision to make the deal indefinite in time took place not so long ago in Moscow. 

Publication date: 27 June 11:27 AM

Saudi Arabia Raises Oil Prices for Asian and European Buyers

Saudi Arabia is reported to have raised oil prices for Asian and European importers. This is confirmed by Bloomberg.

Publication date: 09 June 10:26 PM

Market Players Play Oil Price Guessing Games

The international market of crude oil seems to be in panic. Yet, the panic is snowballing. The reason for that is said to be the statement made by Russian Energy Minister Alexander Novak about the possibility of easing the OPEC+ deal in June 2018, which came as a surprise to the international trading community.

 
Publication date: 29 May 01:41 PM

Crude Oil Goes Above $80/b, Morgan Stanley Improves Oil Forecast

On Thursday, May 17th, Brent oil exceeded $80/b for the first time in 3,5 years. The last time the price reached this level was on November 25th, 2014.

Publication date: 17 May 11:20 AM

Oil Prices At $79/b, Russian Ruble Still Weak. Why?

On Tuesday, May 15th, Brent oil reached $79/b. Strange as it may seem, the Russian Ruble hasn’t reacted to this so far, even though this always has been a positive sign for Russia’s national economy and currency heavily reliant on crude oil prices. Moreover, the currency has been going slightly down for a while despite being backed by higher oil prices.

Publication date: 15 May 01:19 PM

Russia Isn’t Interested In OPEC+ Anymore

Right in advanced of the forthcoming OPEC+ summit some experts doubt that Russia is still interested in the agreement. The strategic objectives of the OPEC+ deal are almost reached. The imbalance in the global oil market has almost been eliminated. The cost of a barrel of Brent oil has increased by more than 100% since late 2016. At this point Brent oil is trading above 70 dollars per barrel. On Q1 2018, the OPEC made 400 million dollars a day more than 12 months before.

Publication date: 28 April 07:57 AM