Oil production remains high in spite of slowing demand. OPEC is trying to change this with the Saudi's promise to cut production.
Deep water production is anticipated to grow by 700,000 barrels per day to 10.3 million. This is a fair bit of growth in what was a successful 2018.
The reason for the expected growth is the fact that Brazil and the Gulf of Mexico will see two fields come online.
What effect this will have on global energy prices remains to be seen. Refining is another component of the end fuel scenario meaning more oil does not mean lower prices for the end user.
It is a good start.
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