Us oil production by year 201511/28/2023 ![]() ![]() The sand is rinsed with hot water to separate the oil, and then the sand and wastewater are stored in “ tailings ponds,” which have smooth tan or green surfaces in satellite images. To extract the oil at these locations, oil producers remove the sand in big, open-pit mines, which are tan and irregularly shaped. The Athabasca River runs through the center of the scene, separating two major operations. These images from Landsat satellites show the growth of surface mines over the Athabasca oil sands between 19. While conventional oil has held steady, oil sands output has gone up from 1 million barrels per day in 2005 to 2.4 million barrels per day in 2015. Since then, oil sands production has outpaced conventional oil production. In 2010, surface mines produced 356.99 million barrels of crude oil, while in situ production (the hot water wells) yielded 189.41 million barrels of oil. The rest of the oil sands are buried more than 75 meters below ground and are extracted by injecting hot water into a well that liquefies the oil for pumping. Only 20 percent of the oil sands lie near the surface where they can easily be mined, and these deposits flank the Athabasca River. According to a 2003 estimate, Alberta has the capacity to produce 174.5 billion barrels of oil. Bitumen-a very thick and heavy form of oil (also called asphalt)-coats grains of sand and other minerals in a deposit that covers about 142,200 square kilometers (54,900 square miles) of northwest Alberta. Direct use of crude last year rose from around 350,000 bpd in March to nearly 900,000 bpd in July, according to the Joint Oil Data Initiative figures.Buried under Canada’s boreal forest is one of the world’s largest reserves of oil. Saudi Arabia also burns more crude to generate power heading into the summer months. “Production is always going to grab the headlines, but exports will be more important than ever to focus on,” said Mike Wittner, the global head of oil research at Société Générale. ![]() Saudi refineries ran a record 2.2m bpd of crude in December, up from about 1.5m bpd two years earlier, according to the Joint Oil Data Initiative database. A venture with Total started up in late 2013. The 400,000 bpd Yasref refinery, a joint venture between Aramco and China’s Sinopec, has been steadily ramping up production this year and was due to reach full capacity by mid-February. The Saudi production figure also probably reflects some additional domestic refinery demand. US imports of Saudi crude rose to more than 950,000 bpd over the four weeks to 27 March, the highest since last September, US data shows. The state oil firm Saudi Aramco has raised its prices for the following two months, putting May at the highest level since last year. “While April and May could see a small pullback, overall it is clear that Saudi Arabia has reacted to stronger demand for their crude, despite being in an oversupplied market,” the Energy Aspects chief analyst, Amrita Sen, wrote in a note.ĭemand was stoked in part by deep discounts on Saudi exports in March as the country offered Asian customers the deepest discounts on its flagship Arab light crude in at least 12 years, according to Reuters data. Oil prices rallied on Tuesday after Naimi made separate comments about working with other big producers to stabilise the market – something most analysts see as unlikely in the near future – but it was the production figure that raised eyebrows. It also highlights the surprising strength of end-user fuel demand, which has helped lift global refinery profit margins to their highest levels in years. The kingdom and others in the Organisation of Petroleum Exporting Countries (Opec) have refused to cut production to shore up fallen oil prices. The increase in output reaffirms Saudi Arabia’s vow not to cede market share to higher-cost producers such as US shale drillers or Russian giants. He said in the speech in Riyadh that the kingdom’s output would probably remain at about 10m bpd. Naimi did not say why production had increased last month. The kingdom produces more than 10% of the world’s crude. A few weeks ago Naimi pegged production at about 10m bdp, 350,000 bpd above what Saudi Arabia said it pumped in February. ![]()
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