Subscribe free to our newsletters via your
. Military Space News .




OIL AND GAS
IEA: OPEC production highest in three years
by Daniel J. Graeber
Paris (UPI) Jul 10, 2015


disclaimer: image is for illustration purposes only

Output from Iraq, Saudi Arabia and the United Arab Emirates helped boost OPEC oil production to a three-year high, the International Energy Agency said Friday.

The Paris-based IEA said in its market report for June production from the 12-member Organization of Petroleum Exporting Countries reached 31.7 million barrels per day, an increase of 340,000 bpd from May and the highest level in three years.

A survey earlier this week from energy reporting service Platts found OPEC production in June surged for the fourth straight month. Saudi Arabia, the de facto leader of OPEC, produced an average 10.3 million bpd in June and Iraq increased production by 330,000 bpd to more than 3 million bpd.

The IEA added output from the U.A.E. helped stimulate overall production from the 12-member group.

OPEC, in its monthly market report for May, said production outside the group was expected to grow by 680,000 bpd, well below last year's growth of 2.17 million bpd.

In its report, IEA said the growth in global oil production was "impressive," with OPEC accounting for about 60 percent of the year-on-year gains. Outside of OPEC, the situation was bogged down by the pressure from a weak crude oil market.

"Non-OPEC supply growth is expected to grind to a halt in 2016, as lower oil prices and spending cuts take a toll," the monthly market report said.

Low oil prices, down about 40 percent from June 2014, has forced energy companies to spend less on exploration and production, the upstream side of the energy sector. A weekly survey from oil services company Baker Hughes finds upstream activity increased only in the Middle East and Africa.

The upstream sector is nevertheless stabilizing and short-term production levels are on the rise. The U.S. Energy Information Administration in a weekly report released Wednesday said the 9.6 million bpd production from U.S. basins for the week ending July 3 was 13.3 percent higher year-on-year.

EIA Administrator Adam Sieminski said the expected 2015 average of 9.5 million bpd is the highest production level in 45 years. A decline, however, is expected through 2016 as a result of low oil prices and drilling activity.


Thanks for being here;
We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Oil prices rise but gains capped by China, Greece
London (AFP) July 9, 2015
Oil prices rose Thursday, clawing back ground after recent sharp losses, while gains were capped by concerns surrounding the impact of China's and Greece's problems on crude demand, analysts said. US benchmark West Texas Intermediate for August delivery won 72 cents to $52.37 a barrel. Brent North Sea crude for August rose 41 cents to stand at $57.46 a barrel nearing midday in London. ... read more


OIL AND GAS
US Awards Contract to Develop Missile Defense Command System

US Authorizes 'Forward-Based' Missile Defense System for Allies

USAF Early Warning Satellites Get No-Cost Update from Lockheed Martin

Boecore to support Army missile defense

OIL AND GAS
The Hypersonic Missile Arm Race

MBDA France orders MMP missile warheads

Chinese Navy simulates combat missile resupply in first ever drill

State Dept. OKs possible missile sale to Australia

OIL AND GAS
Drone postal deliveries begin in Switzerland

Thales, IAI demo new NATO STANAG 7085 data link on UAV

Open Secrets from X-37B

U.S. Marines test solar-powered drones at annual energy expo

OIL AND GAS
Navy engineer invents new data transmission system

Fourth MUOS arrives in Florida for August launch

Airbus DS unveils new mobile welfare communication portfolio

Britain looks to replace tactical radios

OIL AND GAS
Saab joining BAE Systems, Patria in bid to produce armored vehicle

Raytheon wins IDIQ contract for Army sensor systems

Compact cannon for British armored vehicles

Kuwait orders NBC reconnaissance vehicles

OIL AND GAS
Iran calls on global powers to drop UN arms ban

Lebanon arms deal with France not blocked: Saudi FM

Senate okays defense bill over White House objections

Spain to decide on lifting A400M flight suspension next week

OIL AND GAS
China has nearly finished runway on artifical island in South China Sea

IS in Afghanistan on Xi, Putin's summit agenda: China

Japan joins US-Australia war games amid China tensions

China's influence grows as Russian crisis rocks Central Asia

OIL AND GAS
Superslippery islands (but then they get stuck)

New nanogenerator harvests power from rolling tires

Soft core, hard shell -- the latest in nanotechnology

Ultrafast heat conduction can manipulate nanoscale magnets




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.