![]() ![]() The agreement could lead to sanctions relief, contingent on verification by the International Atomic Energy Agency (IAEA) that Iran has complied with key nuclear-related steps. On July 14, the Joint Comprehensive Plan of Action (JCPOA) between Iran and the five permanent members of the United Nations Security Council and Germany (P5+1) was announced.At its December 4 meeting, OPEC members announced they "should continue to closely monitor developments in the coming months," indicating that OPEC producers, led by Saudi Arabia, are continuing the policy of supporting production and defending market share in a low oil price environment.EIA estimates that total Organization of the Petroleum Exporting Countries (OPEC) crude oil and other liquids production increased 3% to 37.4 million b/d in 2015, led by production growth in Iraq.However, EIA analysis indicates that the policy change is unlikely to result in a significant increase in crude exports from the United States given current market conditions exports of crude oil were removed at the end of the year. Canada, Saudi Arabia, Venezuela, and Mexico continue to be the main sources of imported crude oil. imports of crude oil fell to their lowest level since 1995. The Brent-WTI price spread averaged less than $4/b in 2015, $3/b narrower than in 2014, and significantly below the 2011-13 average, when Brent traded nearly $14/b higher than WTI.Despite the decline, production of crude oil averaged an estimated 9.3 million barrels per day (b/d) in 2015, a 7% increase over 2014 and the highest rate since 1972. The decrease was led by reductions in Lower 48 onshore production, which began to fall in April. ![]() crude oil production began to decline in the second quarter of 2015. As a result of lower crude oil prices, U.S.AP Photo In 1880, the United States is responsible for 85 percent of the world’s crude oil. Energy Information Administration, Short-Term Energy Outlook, December 2015 18801900 Competition for Oil A section of the Spindletop Field in Beaumont, Texas, 1901. Sources: Form EIA-914, Monthly Crude Oil and Lease Condensate, and Natural Gas Production Report and its predecessor, Monthly Natural Gas Production Report BSEE reports PointLogic Energy Enverus IHS Markit industry reports and EIA computations.Source: U.S. Federal Offshore Pacific is included in California through 2021, and in "Other States" starting in 2022. Through 2021, "Other States" includes Alabama, Arizona, Florida, Idaho, Illinois, Indiana, Kentucky, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New York, Oregon, South Dakota, Tennessee, and Virginia. The "Other States" category comprises states/areas not individually collected on the EIA-914 report. Data for Arkansas, California, Colorado, Kansas, Louisiana, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia, Wyoming, and Federal Offshore Gulf of Mexico are individually collected on the EIA-914 report. Notes: Natural gas production represents monthly natural gas gross withdrawals estimated from data collected on the EIA-914 report. Department of the Interior, Bureau of Safety and Environmental Enforcement (and predecessor agencies), Enverus, IHS Markit, and first purchase data reported on Form EIA-182, Domestic Crude Oil First Purchase Report. Data for states/areas not individually reported on the EIA-914 (Alabama, Alaska, Arizona, Federal Offshore Pacific, Florida, Idaho, Illinois, Indiana, Kentucky, Michigan, Mississippi, Missouri, Nebraska, Nevada, New York, South Dakota, Tennessee, and Virginia) are from EIA estimates published in the Petroleum Supply Annual and Petroleum Supply Monthly reports, based on crude oil production data from state government agencies and the U.S. Sources: Data for Arkansas, California, Colorado, Federal Offshore Gulf of Mexico, Kansas, Louisiana, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia, and Wyoming are estimated from data collected on the EIA-914 report. Production volumes may have been revised for all states/areas. Number a zero may indicate volume of less than 0.5 thousand barrels per day. The sum of individual states may not equal Notes: Crude oil includes lease condensate. ![]()
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