Has U.S. oil production peaked?
Posted: Thu Aug 02, 2018 8:23 pm
NEW YORK (Bloomberg) -- U.S. oil production may not be growing quite as fast as everyone thinks.
American drillers pumped 10.442 MMbpd in May -- about 300,000 fewer bpd than the Energy Information Administration had projected. In a report released Tuesday, the agency revised its weekly production estimates for the month, lowering average May output by 3%. The slide comes as the nation churns out records volume of crude, with explorers expanding the U.S. rig fleet by more than 110 since January.
Yes, those weekly EIA production estimates are nothing more than "WAGs" (Wild Ass Quesses) based on outdated formulas.
Read: https://www.worldoil.com/news/2018/8/1/ ... s-expected
American drillers pumped 10.442 MMbpd in May -- about 300,000 fewer bpd than the Energy Information Administration had projected. In a report released Tuesday, the agency revised its weekly production estimates for the month, lowering average May output by 3%. The slide comes as the nation churns out records volume of crude, with explorers expanding the U.S. rig fleet by more than 110 since January.
Yes, those weekly EIA production estimates are nothing more than "WAGs" (Wild Ass Quesses) based on outdated formulas.
Read: https://www.worldoil.com/news/2018/8/1/ ... s-expected