{"id":5741,"date":"2015-02-01T18:07:47","date_gmt":"2015-02-02T00:07:47","guid":{"rendered":"http:\/\/www.regiontrack.com\/www\/?p=5741"},"modified":"2015-02-01T18:07:47","modified_gmt":"2015-02-02T00:07:47","slug":"yes-the-us-did-singlehandedly-tilt-global-crude-markets-02022015","status":"publish","type":"post","link":"https:\/\/www.regiontrack.com\/www\/yes-the-us-did-singlehandedly-tilt-global-crude-markets-02022015\/","title":{"rendered":"Yes, the U.S. Has Nearly Single-Handedly Tilted Global Crude Markets"},"content":{"rendered":"

Is the U.S. the only major crude producer with large production gains that are driving crude prices?<\/strong>\u00c2\u00a0The\u00c2\u00a0short answer is, yes. Since early 2009, more than half of\u00c2\u00a0the net gain in worldwide petroleum production is attributable solely to\u00c2\u00a0domestic U.S. gains. As our pic of the week shows, total worldwide petroleum production – which includes\u00c2\u00a0crude oil, liquids, condensate,\u00c2\u00a0and refined petroleum products – is up about 10 million barrels per day since early 2009. The U.S. accounts for\u00c2\u00a0nearly\u00c2\u00a06 million barrels of the gain.<\/p>\n

The contribution of\u00c2\u00a0the U.S. is becoming even more visible in the more\u00c2\u00a0recent data, with worldwide production outside the U.S. basically\u00c2\u00a0flat since early 2011.<\/p>\n

\"potw_1_20150202\"<\/a><\/p>\n

This isn’t to suggest that other countries are not producing gains; just that none of the gains are nearly as pronounced as the rise in U.S. production or affecting overall global production trends. U.S. output\u00c2\u00a0is up roughly 65% in the period while both Saudi Arabia and Russia, the second and third largest producers of petroleum products, have seen steady but much smaller gains. Saudi Arabia has added about 2 million barrels per day\u00c2\u00a0(up 21%); Russia has added about 1 million barrels daily\u00c2\u00a0(up 8%).<\/p>\n

The remainder of the top 15 petroleum producing countries are a mixed bag. Many, like Brazil,\u00c2\u00a0Iraq, and Qatar, have posted U.S.-like\u00c2\u00a050% gains since early 2009, but are not large enough to\u00c2\u00a0shift worldwide production patterns.\u00c2\u00a0Canada’s production is up 35%. Nigeria, China, U.A.E., and Kuwait have gains in the\u00c2\u00a010-15% range.<\/p>\n

Offsetting these increases\u00c2\u00a0are ongoing production declines\u00c2\u00a0in Iran (-18%), Mexico (-10%), and Venezuela (-5%).<\/p>\n

Sign up<\/a>\u00c2\u00a0to receive RegionTrack’s PIC OF THE WEEK!
\n[email_link]\n","protected":false},"excerpt":{"rendered":"

Is the U.S. the only major crude producer with large production gains that are driving crude prices?\u00c2\u00a0The\u00c2\u00a0short answer is, yes. Since early 2009, more than half of\u00c2\u00a0the net gain in worldwide petroleum production is attributable solely to\u00c2\u00a0domestic U.S. gains. As our pic of the week shows, total worldwide petroleum production – which includes\u00c2\u00a0crude oil, liquids,…<\/p>\n","protected":false},"author":1,"featured_media":5744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[9,13,1],"tags":[72],"post_series":[],"class_list":["post-5741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-graphic","category-pic-of-the-week","category-uncategorized","tag-oil-and-gas","entry","has-media"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t