US oil production…declines continue (WTI $48/bbl) – April’16 US oil production (via EIA-914 survey) showed onshore US down 142kbpd m/m on upwardly revised (+28kbpd) March levels. The onshore declines were driven by North Dakota and Texas. Overall production was down a whopping 222kbpd m/m in April as offshore and AK were down a combined 80kbpd m/m. Compared to year-ago, onshore supply is down 765kbpd and offshore and AK combined are ~flat y/y. Those who suggest that US production is resilient should spend more time with this report…declines are accelerating. - Tudor Pickering Holt morning report 7-5-2016.
I went back and looked at what EIA reported for declines in their weekly reports back in April. They said U.S. production had declined 102,000 BOPD in the weekly reports.
Keep in mind that EIA's weekly reports are "Wild Ass Guesses" based on formulas. They have know way of knowing on Wednesday what production was in the previous week.
U.S. oil production falling faster that EIA had reported
U.S. oil production falling faster that EIA had reported
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group