EIA: US June production down vs. May and vs. weekly estimate

[cmm3rd]

EIA 914 Report out - US prod DOWN 33k to 12,082k June/May

Weekly estimates for June had averaged 12.2 m bpd. Weekly estimates too high, again.

https://www.eia.gov/petroleum/production/

[dan_s]

Every month this year EIA's "Short Term Energy Outlooks" ("STEO") has forecast that U.S. production would go up a lot more than actuals. You'd think they'd figure out that with the active rig count falling like a rock that there is no way we can be increasing production. IMO EIA has a "agenda" to keep fuel prices as low as they can for as long as they can.

[dan_s]

I went to the details of the EIA report and see that they report May twice in the details. The idiots can't even report actual production correctly.

https://www.eia.gov/petroleum/production/ click on the spreadsheet version of the details.

IEA's monthly Oil Market Report relies 100% on U.S. forecasts from EIA for their global oil market projections. Both agencies have a long history of over-stating supply and under-stating demand. IEA is based in Paris and the people that sign the paychecks want lower fuel prices. I believe there is pressure on IEA to "slant" their reports to achieve that goal.