Posted on 09/15/2015 5:39:33 AM PDT by thackney
As oil prices continue to stay low, conjecture on whether or not the US could be given the title of the world’s new swing producer continues to gain traction. There are fierce arguments on both sides fanned by recently published data and the hitherto stubborn oil supply glut.
August 2015 became the first month for which the Energy Information Administration published production data using its new survey based method. As a result of the move, US oil production for January to May was revised down by 90,000 barrels per day (bpd) on average.
The EIA’s revised data now suggests production peaked in April at 9.61 million bpd and has since declined by 310,000 bpd to average around 9.3 million bpd. Peak output in Texas – the country’s top oil producing state – said to have peaked in March was also revised lower by 130,000 bpd from 3.77 million bpd (published in July) to 3.64 million bpd. This ties in with market evidence gathered by industry observers such as Drillinginfo (see below).
It would mean that at the time of the last OPEC meeting in June, during which the producers’ collective decided not to cut headline output and branded existing quota restrictions to be mere guidelines, US production was already in decline. Last week, International Energy Agency’s forecasts appeared to back that up in no uncertain terms.
The agency predicts non-OPEC oil production in general, and US in particular, would see the sharpest fall since 1992 as prices continue to stay low. Putting that into context, in 1992 global oil production declined by 1 million bpd barely a year after the Soviet Union broke-up.
(Excerpt) Read more at forbes.com ...
A year is an era? Really? Where do they get these writers?
Drillinginfo used to be good data. Maybe the data is still OK.
That is a strange designation.
May have used formatting from a previous chart? ;-)
Copy and Paste gets ya every time....
2014 drilled production peaked at about 300,000 bopd and fell to about 175,000 bopd in one year. Not quite 70% decline but more like >40% on a family basis. Per well, probably closer to the 70% number.
The statistics may finally be catching up with the reality of just how fragile shale production rates are.
I heard an Interview with Pioneer on local PBS TV - he said they prices can go lower but they are set - I wonder
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