This morning (Sept 30) the EIA reported actual U.S. crude oil production averaged 11,806,000 barrels oil per day in July, 2019.
That is a decline of 276,000 BOPD from June and the 3rd monthly decline in a row.
The big decline in July was caused by Hurricane Berry, but there was no weather related reason for the declines in May and June.
After the hurricane U.S. oil production will bounce back in August, but my SWAG is that it will not reach the 12.4 to 12.5 MMBOPD range that EIA has been telling the world the U.S. produced in September. Keep in mind that we did have a tropical storm in September that impacted Texas and Louisiana.
Monthly details here: https://www.eia.gov/petroleum/production/pdf/table2.pdf < Note that May 2019 is shown twice in the table. I'm not sure why, but I think the bottom one is correct.
The active drilling rig count is now so low that U.S. oil production cannot keep going up.
Its official: U.S. oil production declined in July
Its official: U.S. oil production declined in July
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Its official: U.S. oil production declined in July
Read more: https://www.wsj.com/articles/shale-boom ... 1569795047
It was easy to see the drop in U.S. oil production growth, but EIA's agenda is to keep telling us that oil production will go up no matter what the price of oil. The active drilling rig count will continue to fall and so will U.S. oil production after a bit of rebound in August from the Gulf of Mexico "post hurricane Barry".
It was easy to see the drop in U.S. oil production growth, but EIA's agenda is to keep telling us that oil production will go up no matter what the price of oil. The active drilling rig count will continue to fall and so will U.S. oil production after a bit of rebound in August from the Gulf of Mexico "post hurricane Barry".
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group