EIA Weekly U.S. Oil Production compared to Actual Production

[dan_s]

As I have posted here many times, the EIA's weekly numbers for U.S. oil production are too high because they are based on flawed formulas.

The EIA just posted actual U.S. oil production for the month of August to their website. Actuals are based on state reports, which are based on actuals provided by the operating companies.

For August:
EIA weekly U.S. production estimates averaged 9,352,800 barrels per day.
Actual U.S. crude oil production for August was 9,203,000 barrels per day.

Actual U.S. daily oil production for 2017:
Jan: 8,851,000 BOPD
Feb; 9,070,000
Mar: 9,131,000
Apr: 9,120,000
May: 9,161,000
Jun: 9,097,000
Jul: 9,238,000
Aug: 9,203,000

September production will be down because of the hurricanes.

The point is that U.S. production is not growing as fast as EIA has been telling us and it cannot grow at the pace it did in Q4 2016 and Q1 2017. Even the Wall Street Gang will figure this out eventually. Some people are still forecasting that U.S. oil production will top 10 million barrels per day in 2018. That will only happen if oil prices go a lot higher. As long as the active rig count is flat, U.S. oil production will be flat.