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International Energy Agency: Oil production in oil-producing countries other than OPEC is plummeting

International Energy Agency: Oil production in oil-producing countries other than OPEC is plummeting

  • classification:2020
  • Author:
  • source:
  • Time:2019-11-07
  • Views:13

SummaryOn May 14th, Beijing time, the International Energy Agency (IEA) said in its latest monthly market report that global oil production outside the Organization of the Petroleum Exporting Countries (OPEC) fell faster than expected, with the US leading the decline.

The IEA said that crude oil production in non-OPEC oil-producing countries decreased by 1.1 million barrels / day in April from a year earlier. Crude oil production will decrease by 6.7 million barrels per day from March to June, reaching an unprecedented level. Most of the decline was mainly driven by the United States and Canada. Expected to fall further in May. The decline in US output will exceed that of other major oil-producing countries.

"The collapse in demand and prices has forced crude oil producers around the world to shut down supplies faster than anyone had expected," the IEA said. In the United States, "shale oil production activity levels have fallen to record lows, and almost all operators have shut down uneconomic production."

International Energy Agency: Oil production in oil-producing countries other than OPEC is plummeting

SummaryOn May 14th, Beijing time, the International Energy Agency (IEA) said in its latest monthly market report that global oil production outside the Organization of the Petroleum Exporting Countries (OPEC) fell faster than expected, with the US leading the decline.

The IEA said that crude oil production in non-OPEC oil-producing countries decreased by 1.1 million barrels / day in April from a year earlier. Crude oil production will decrease by 6.7 million barrels per day from March to June, reaching an unprecedented level. Most of the decline was mainly driven by the United States and Canada. Expected to fall further in May. The decline in US output will exceed that of other major oil-producing countries.

"The collapse in demand and prices has forced crude oil producers around the world to shut down supplies faster than anyone had expected," the IEA said. In the United States, "shale oil production activity levels have fallen to record lows, and almost all operators have shut down uneconomic production."

  • classification:2020
  • Author:
  • source:
  • Time:2019-11-07
  • Views:13
Detail

On May 14th, Beijing time, the International Energy Agency (IEA) said in its latest monthly market report that global oil production outside the Organization of the Petroleum Exporting Countries (OPEC) fell faster than expected, with the US leading the decline.

The IEA said that crude oil production in non-OPEC oil-producing countries decreased by 1.1 million barrels / day in April from a year earlier. Crude oil production will decrease by 6.7 million barrels per day from March to June, reaching an unprecedented level. Most of the decline was mainly driven by the United States and Canada. Expected to fall further in May. The decline in US output will exceed that of other major oil-producing countries.

"The collapse in demand and prices has forced crude oil producers around the world to shut down supplies faster than anyone had expected," the IEA said. In the United States, "shale oil production activity levels have fallen to record lows, and almost all operators have shut down uneconomic production."

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