What’s going on with oil production

TODAY IN ENERGY: Monday, January 26, 2015 – EIA

Oil production outlook below 48 stable despite expected near-term reduction in rig count

The sharp decline in oil prices in the last quarter of 2014, which continued into January, is already having a significant effect on drilling activity in the United States, as shown by the 16% drop in the number of active land rigs in the lower 48 states between the week ending 10/31/2014 and 01/23/2015.

TODAY IN ENERGY: Monday, February 9, 2015

Iraq was the second largest contributor to global oil supply growth in 2014

Despite some supply disruptions and security threats, Iraq was the second largest contributor to global oil supply growth in 2014, behind only the United States. Iraq accounted for almost 60% of OPEC’s production growth, although this growth was offset by production declines in other OPEC members.

Money Morning Press: Tuesday, February 10, 2015

“In fact, the oil situation has already started to stabilize. Absent a major geopolitical crisis, we won’t be returning to triple-digit oil prices any time soon. But the trajectory clearly points to a new medium-term low in the mid-$50s in New York and around $60 in London. In the 4th trimester. this year, oil prices will likely trade even higher, somewhere in the $70s. Scarcity has suddenly been replaced by abundance.”