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Texas holds No. 1 oil spot, EIA saysw
by Daniel J. Graeber
Washington (UPI) Apr 11, 2013


OPEC output slumps, IEA says
Paris (UPI) Apr 11, 2013 -Oil output from members of the Organization of Petroleum Exporting Countries was sharply lower in March, the International Energy Agency said Friday.

IEA released its monthly oil market report Friday. It said global oil supplies declined by 1.2 million barrels per day to 91.8 million bpd last month, led by "steeply lower" output from OPEC producers.

IEA, which has headquarters in Paris, said crude oil supplies from OPEC dropped by 890,000 bpd to 29.62 million bpd last month, led primarily by declines from Iraq, Libya and Saudi Arabia.

In its own report earlier this week, OPEC said demand for its crude oil is expected to average 29.6 million bpd, a 400,000 bpd decline from the previous year.

IEA said, however, that global oil supplies were up by 1.1 million bpd year-on-year, lead by producers outside the 12-member OPEC cartel.

"Nonā€OPEC growth of 1.98 million bpd more than offset a nearly 1 million bpd drop in OPEC crude," IEA said.

OPEC's April report said non-OPEC production was coming primarily from North America. Non-OPEC supply last year averaged 54.2 million bpd, a 1.34 million bpd increase from 2012.

[IEA]

[OPEC]

Texas recorded the largest increase in proven oil reserves of any state, eclipsing North Dakota by nearly 2 billion barrels, the U.S. Energy Department said.

The Energy Information Administration, the statistical arm of the Energy Department, said Texas and North Dakota helped pushed proven crude oil reserves in the country to record highs.

EIA said proved oil reserves in 2012, the last full year for which complete data are available, increased for the fourth consecutive year and were the highest since 1976.

"At the state level, Texas recorded the largest volumetric increase, up 3.0 billion barrels, in proved oil reserves among individual states, largely because of development in the Permian and Western Gulf basins," EIA said in a report Thursday.

"North Dakota had the second-largest increase, up 1.1 billion barrels, driven by development of the Bakken and Three Forks formations in the Williston Basin."

So-called tight oil plays accounted for 22 percent of the proven reserves, or about 7.3 billion barrels.

In its monthly market report, released earlier this week, EIA said oil production this year should average 8.4 million barrels per day, a 13.5 percent increase from 2013.

In 2013, crude oil production from the Eagle Ford formation averaged 1.1 million bpd while Bakken produced an average 900,000 bpd.

[EIA]

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