Falling U.S. Production
Posted: Sat May 28, 2016 6:20 pm
According to the EIA website ( http://www.eia.gov/dnav/pet/hist/LeafHa ... RFPUS2&f=W )
Total U.S. crude oil production per day was as follows:
Week ending 5/22/2015 = 9,566,000 BOPD
Week ending 5/20/2016 = 8,767,000 BOPD
So, during this twelve month period, U.S. oil productions declined by 799,000 barrels per day or an average of 66,583 barrels per day each month.
Lower 48 onshore production fell by around 100,000 BOPD month-after-month and was offset by increasing production in Alaska and the Gulf of Mexico.
With the big drop in the number of rigs drilling for oil, what do you think the rate of decline will do this summer?
Now, go back and look at that chart again (at the link above) and you will see that U.S. oil production fell 186,000 BOPD for the 1 month ending 5/20/2016.
PS: The U.S. is not the only Non-OPEC nation where oil production is falling.
Total U.S. crude oil production per day was as follows:
Week ending 5/22/2015 = 9,566,000 BOPD
Week ending 5/20/2016 = 8,767,000 BOPD
So, during this twelve month period, U.S. oil productions declined by 799,000 barrels per day or an average of 66,583 barrels per day each month.
Lower 48 onshore production fell by around 100,000 BOPD month-after-month and was offset by increasing production in Alaska and the Gulf of Mexico.
With the big drop in the number of rigs drilling for oil, what do you think the rate of decline will do this summer?
Now, go back and look at that chart again (at the link above) and you will see that U.S. oil production fell 186,000 BOPD for the 1 month ending 5/20/2016.
PS: The U.S. is not the only Non-OPEC nation where oil production is falling.