US gasoline production at record levels, but supplies are still dropping on record exports

Even with a record high in our gasoline production, the EIA reported that our gasoline supplies fell by 1,593,000 barrels to 227,143,000 barrels as of December 23rd. While our gasoline imports fell by 13,000 barrels per day to 434,000 barrels per day, our gasoline exports rose by 354,000 barrels per day to a record high of 1,149,000 barrels per day,

Oil Production Cuts Could Result in 600,000 Barrel Per Day Global Deficit in First Half of 2017

We finally have some details on the secondary agreement to cut oil production that came out of that meeting of Russia and other non-OPEC oil producers last Saturday. That agreement is projected to reduce production of the 11 signatories by 558,000 barrels a day, on top of the 1.2 million barrels a day in cuts already agreed to by OPEC, thus amounting to a total reduction of about 1.8% of global oil supply.

OPEC agrees to cut production back to March levels, oil prices spike 14%

At their meeting in Vienna on Wednesday, the member nations of OPEC agreed to cut their oil production by 4.5% for a period to run 6 months, effective January 1st. The amount of oil output each member is expected to forgo is generally based on their October production, although for some countries, such as Iran, the baseline for the output cut has been adjusted for special factors. Libya and Nigeria, whose recent production has been disrupted by civil conflict, will be exempt from the cuts.

New Well Productivity Triples in the Utica; Gasoline Supplies at a Summertime High

Wednesday's release of US oil data for the week ending July 15th by the US Energy Information Administration indicated that our oil imports rebounded back to above recent averages, that our refineries ramped back up to seasonal levels to use all of those extra imports, and as a result another small portion of our monstrous glut of crude oil was converted into a glut of refined products.

Oil Crashes on Brexit, Oil Imports at a 42 Month High, Record Gasoline Output and Usage

Oil prices crashed along with global financial markets on Friday following the British vote on Thursday to exit the European Union (typically referred to as "Brexit"), which is widely expected to precipitate a period of political instability in Europe.

Bets Drive Oil Prices Up 20% In April Despite New Inventory Records Each Week

Oil prices, and prices for everything that is refined from oil, continued to head up last week, something you don’t need me to tell you if you've bought gasoline lately. There has been no fundamental change in the global oversupply situation that would account for higher prices, however, but rather a change in the betting positions of oil speculators.

Oil Rig Scorecard: US Drilling At an All Time Low, Saudis Near Their High

Never before in the history of the US oil and gas industry was there so little drilling going on in the US as there was in the week just ended.

New Saudi Budget Warns American Oilmen to Get Outta Dodge

The key series of news stories from the past week that will have the greatest long term impact on the global oil markets came out of Saudi Arabia, and none of those stories was even about their oil production.

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