U.S. oil production is on decline

[dan_s]

Summary
•The drilling rig count has been falling for several months and is down over 50% over the last year.
•Despite the falling rig count, domestic crude production has been very resilient until recently.
•The latest field production and storage data indicate decreases in both the last few weeks.
•This article presents the data with a conclusion and recommendations.

Read this: http://seekingalpha.com/article/3414156 ... 541bdde84e

Keep a few things is mind.
> Weekly EIA data is not accurate because a lot of it is based on equations and not actual supply /demand data. The trend is important.
> Even if the Iran deal is approved, more Iranian crude (other than what they are smuggling out) will not come to market until "Implementation Day", which will not be until the International Atomic Energy Agency says Iran is in compliance with the agreement. < This will not happen until Q2 2016.

[dan_s]

There is some very good stuff in the comments below the article.