EIA 914 Report: U.S. oil production peaked in March

[dan_s]

https://www.eia.gov/petroleum/production/pdf/table2.pdf

Actual March oil production: 12,717,000 bpd
Actual April oil production: 12,615,000 bpd

EIA's last guess is that U.S. production is now down to ~12.3 million barrels per day. So, it looks like U.S. oil production is declining by ~100,000 bpd each month. There are currently not enough active drilling rigs and completion crews working in the U.S. to increase our production. The big decline is from private companies.

This is part of the Big Paradigm Shift I write about in Monday's newsletter. Most investors believe the U.S. can ramp up production in all of the shale plays quickly. The Permian Basin is the only major area with upside remaining.