• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

EIA predicts fifth monthly oil output decline

2 years ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
720
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

EIA predicts fifth monthly oil output decline

Crude oil production in the United States is set to decline for the fifth month in a row in February, according to the Energy Information Administration.

In its latest Drilling Productivity Report, the EIA said that production across the shale patch in February was set to be 2,000 barrels daily lower than it was in January, at 9.68 million bpd. The only play where production is set to continue growing next month is the Permian, where output is seen rising to 5.974 million bpd from a forecast 5.97 million bpd this month.

However, the EIA has not always been accurate in its monthly output move predictions. Last summer, for instance, it kept forecasting decline after decline but actual production numbers revealed oil output in the shale patch had been growing.

More recently, the EIA predicted a production decline for December, to 9.653 million bpd from 9.654 million bpd in November. In actuality, December oil output grew, to 9.693 million bpd. Output for the current month is also predicted to have declined, to 9.682 million bpd.

For this year, the EIA expects overall growth in oil production but at a slower rate than last year’s. This time, the prediction is shared by some in the industry. 2024 production is seen adding 290,000 bpd to reach a record high of 13.21 million barrels daily. The rate of growth, however, would be around a third of the rate, at which crude oil production grew last year.

That rate took most observers by surprise, as rigs fell for most of the year, creating the perception that output was in decline as well. Yet drilling efficiency gains and better-than-expected well performance drove output higher by close to a million barrels daily.

RelatedPosts

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

Interestingly, the EIA does not expect higher oil prices despite its prediction for slower U.S. production growth combined with continued OPEC+ output cuts.

Tags: EIAEIA predicts fifth monthly oil output declineOil
No Result
View All Result

Highlights

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

Gov’t Increases Producer Price of Cocoa to GHS 51,660 per Tonne for 2025/2026 Season

Value of Mobile Money Transactions Hit GHS 323.2bn in June

Trending

Business

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Africa's Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit South Africa is strategising...

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

August 4, 2025

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

August 4, 2025

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

August 4, 2025

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.