North Sea oil production plummets
- From: "Tim Miller" <rabbitispoor@xxxxxxxxxxxxx>
- Date: 21 Jul 2005 18:46:17 -0700
Norwegian Production Tumbles Against IEA Predictions
By Adam Porter
21 Jul 2005 at 06:19 PM EDT
PARIS (ResourceInvestor.com) -- North Sea production could show its
largest fall ever this year as Norwegian production has tumbled beyond
expectations. Meanwhile these and Chinese economic figures are
confounding oil bears like the International Energy Agency (IEA) and
OPEC.
The current fall in the price of crude on the NYMEX may only be a brief
respite. Following on from bearish IEA and OPEC monthly reports, the
market did sell. But new data may restore traders' appetite for
buying and place forward price movements firmly on the upside.
Firstly, figures out from Norway show their North Sea production fell
year-on-year by 700,000 barrels per day (bpd). Quarterly production is
also down. Figures for the second quarter of 2005 are 300,000 bpd lower
than the first.
This comes on the back of the Royal Bank of Scotland's figures for UK
North Sea output. They also showed a decline year on year. In April
2004 UK production was 1,964,905 bpd. By April 2005 this had slumped to
1,749,773 bpd.
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