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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (6216)	1/9/2002 9:21:45 AM
From: Frank Pembleton	Respond to of 36161

US 2002 Oil Output Seen at Lowest Level Since 1950 WASHINGTON, Jan 8 (Reuters) - Last year's increase in U.S. crude oil production, the first jump in a decade, was short-lived as domestic oil output is projected to decline in 2002 and 2003 to the lowest level in more than half a century, the government said Tuesday in its latest energy forecast. U.S. oil production averaged 5.85 million barrels per day (bpd) in 2001, up 30,000 bpd, or 0.5 percent, from the year before and the first yearly increase since 1991, according to the Energy Information Administration. Last year's higher production coincided with a jump in oil prices and this year's output decline mirrors the current U.S. recession. In its monthly short-term energy forecast, the Energy Department's statistical agency said domestic oil output is expected to decrease 71,000 bpd, or 1.2 percent, this year to 5.78 million bpd. That's the lowest level since 1950, EIA said. For 2003, U.S. oil production is forecast to drop another 2.3 percent to 5.64 million bpd. Lower-48 State oil production is expected to decrease by 49,000 bpd to 4.83 million bpd this year, followed by a 158,000 bpd decline in 2003. Alaskan oil output, which accounts for one out of every five U.S. barrels produced, is forecast to decrease by 30,000 bpd this year to 940,000 bpd, but then rise by 30,000 bpd next year. The increase in 2003 results from new satellite fields being brought into production in Alaska's north slope, EIA said. (C) Reuters Limited 2002. slb.com