Daily Energy Report
OPEC+ “No official cuts,” US crude production at record high, Russia revenues down, COP28 buzz, Panama chaos spreading, China copper imports, Oman climate promises, and more.
Chart of the Day: US Crude Production Hit a New Record in September
Summary
The US EIA released its monthly data earlier today. It shows that US crude oil production increased to an all-time high of 13.236 mb/d in September. Figure (1) above shows US monthly crude oil production in 2023 vs. 2022, including the September data.
EOA’s Main Takeaway
This trend fits with our forecast that we published in early January in the EOA 2023 Oil Market Outlook. If this level continues until the end of the year, even without any increase, our forecast will be the best in the industry.
Story of the Day
OPEC+ Meeting Ends with NO Additional Cuts but Saudi Arabia and its allies announced Voluntary Cuts
Summary
OPEC+ as a group did not announce any additional cuts to its cuts that were announced in October 2022.
However, individual countries announced voluntary cuts on their own as shown in Figure (2). The total cuts until the time of this writing is 2.194 mb/d. Most of these cuts are an extension of existing cuts. The Omani cuts are above their previous cut of 40 kb/d. Russia extended its cut of 300 kb/d of crude exports but added 200 kb/d of fuel oil exports.
