U.S. oil production peaked at 9.6 million bbls per day and I forecast it will end 2016 at around 8.0 million bbls per day. The rate of decline will accelerate as we move through the year as a lot more rigs were stacked in the first quarter and more rigs will be moved back to the yard week after week. From the peak of 1,609 onshore rigs drilling for oil in the U.S. in October, 2014 we will have less than 300 rigs drilling for oil by sometime in the 2nd quarter. WE NEED APPROXIMATELY 1,000 RIGS DRILLING FOR OIL TO HOLD ONSHORE PRODUCTION FLAT.
http://www.oilandgas360.com/is-the-shal ... -breather/
I also believe current U.S. oil production is less than what EIA is telling us. Most people think that by magic the U.S. government knows how much oil the upstream companies are producing each day. I can tell you FOR SURE that the upstream companies themselves do not know their own production for a given month until half the way through the next month.
Michael Rothman at Cornerstone Analytics published a report on 2/26/2016 in which he states that EIA overstated U.S. oil production by about 350,000 bbls per day in January.
U.S. oil production on decline
U.S. oil production on decline
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group