2023-12-30 10:27:30
Experts around the world are predicting a bad 2024 for OPEC and oil in general. Of course, this is the fault of the indefatigable entrepreneurial producers from the United States, who mercilessly exploit old operating wells in order to achieve super-profits and destroy other large exporters, such as the Russian Federation and Saudi Arabia.
However, even for America’s oil machine there was bad news. Estimation of production volumes is done not in the form of a forecast, but after the fact. Therefore, after the October records, at the end of December everyone was expecting information on production in November from the US Energy Information Administration. But the published data alarmed the record holders.
According to the latest data, average US crude oil production fell from 13.252 million barrels per day in September to 13.248 million barrels per day in November – the first monthly decline in average daily volumes since April, but still the second largest in the history of the US oil industry. This is also 1.377 million barrels per day above the level observed before the pandemic in January 2019.
As you can see, the decrease is not so large, but significant and tendentious. After all, producers have done everything to increase production every month, pumping out even oil-bearing liquefied sand, and set records in each reporting period.
In fact, the new data, which recorded a decrease in pumping rates, means the end of a series of records, and, even worse, the drying up of oil wells earlier than expected. Their operation is not designed for such a marathon, rather a sprint. But the thirst for profit took its toll.
Now the miners have only one option – new exploration and drilling, commissioning new pumps, but they have problems with this, since there is no flow of investment in the future of the industry, and the environmental agenda in Washington overpowers the energy lobby for new drilling permits.
In general, the bell rang like a bell for companies, even though production decreased very slightly. But the record conveyor still had its first glitch. The New Year promises to be hot, and not necessarily for OPEC, but perhaps for their competitors as well.
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