Crude oil production
Sluggish crude oil production growth in 2016 (0.8%) amid low price environment
World
-3.2%
First drop in US crude oil production since 2008.
Sluggish crude oil production growth in 2016 (0.8%) amid low price environment
World crude oil production increased slowly because of low international oil prices and several years of low capital investments in the upstream sector.
Crude oil production has been driven upward mainly by Middle East producers, of which Saudi Arabia accounted for most of the rise, and Russia that both rely on oil revenues to support their economic development.
Iran’s production jumped by an impressive 16% as a result of the lifting of international sanctions.
Conversely, low investment over the two past years in the USA impacted shale oil development, (which previously helped drive low international oil prices), has led to lower production levels. Oil production also dipped in China as well due to the oil price environment.
Venezuela’s crude oil output plunged to its lowest level since 2009 due to the domestic economic and social crisis, while Mexico's production has continued to fall and reached its lowest level since 1980.
Nigerian oil output dipped due to attacks on infrastructure within the country.
Global Energy Trends, 2017 edition
Based on its 2016 data for G20 countries, Enerdata analyses the trends in the world energy markets.
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Aug
ONGC (India) plans to double its gas production in 5-6 years
Indian state-owned Oil and Natural Gas Corp (ONGC) plans to double gas production to over 100 mcf/d (2.8 mcm/d) in the next 5-6 years.
18
Aug
CNPC expects Chinese energy demand to peak in 2040
According to long-term forecast by Chinese state-owned oil group China National Petroleum Corp (CNPC), China's energy demand is expected to peak at 4.06 Gtoe in 2040, as energy demand from the transportation sector is expected to rise through 2050; in a previous forecast (2012), CNPC expected transportation demand to peak 20 years earlier and energy demand to peak at 3.75 Gtoe in 2035. China total energy consumption reached 3.12 Gtoe in 2016.
18
Aug
Unit International, Zarubezhneft sign US$7bn drilling agreement in Iran
Turkish energy company Unit International has signed a US$7bn agreement with Russian oil group Zarubezhneft and Ghadir Investment Holding to drill in three oil fields and a gas field in Iran. The amount of oil and gas to be received by each party was not disclosed.
16
Aug
BP starts producing gas from Juniper field in Trinidad and Tobago
BP has started gas production from its Juniper gas field in Trinidad and Tobago, as approved in August 2014.
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