U.S. Oil Production is DOWN
Posted: Sun May 02, 2021 8:24 am
Per EIA's Monthly 941 Report: U.S. oil production has declined over 250,000 barrels per day since December, 2020.
In Q4 upstream companies completed a lot of their best "DUC Wells", primary to jack up proven reserves.
Production peaked in November, partly due to a rebound from GOM hurricane shut-ins in September & October.
Per 941 Report (barrels of oil per day)
10,439,000 < October
11,168,000 < November
11,088,000 < December
10,059,000 < January
9,862,000 < February down due to Winter Storm Uri
Per EIA's weekly report, U.S. oil production was 10,900,000 BOPD (rounded to nearest 100,000) for the week ending April 23.
So, U.S. oil production is down ~268,000 BOPD since year-end 2020 despite an increase in the active rig count!
The U.S. peak oil production (per EIA's 941 report) was 12,860,000 BOPD in November, 2019. So, U.S. production is down ~2 million BOPD since pre-pandemic.
In Q4 upstream companies completed a lot of their best "DUC Wells", primary to jack up proven reserves.
Production peaked in November, partly due to a rebound from GOM hurricane shut-ins in September & October.
Per 941 Report (barrels of oil per day)
10,439,000 < October
11,168,000 < November
11,088,000 < December
10,059,000 < January
9,862,000 < February down due to Winter Storm Uri
Per EIA's weekly report, U.S. oil production was 10,900,000 BOPD (rounded to nearest 100,000) for the week ending April 23.
So, U.S. oil production is down ~268,000 BOPD since year-end 2020 despite an increase in the active rig count!
The U.S. peak oil production (per EIA's 941 report) was 12,860,000 BOPD in November, 2019. So, U.S. production is down ~2 million BOPD since pre-pandemic.