Meaning they could have done this at any time to keep our prices down. But they didn’t, wonder why?
“A change in the EIA’s calculation methodology has also played a key role in the rise to record output.
The EIA said it periodically reviews its domestic oil production data and if it finds a large difference between its monthly Short-Term Energy Outlook report, trends in survey-based domestic output in its Petroleum Supply Monthly report, and other current data, it may “re-benchmark” the weekly production estimates.
For the week ended Oct. 6, the re-benchmarking resulted in estimated volumes increase of 370,000 barrels a day, or 2.8% of the week's estimate production total.
So the higher output number is “reflective of an accounting or methodology change for EIA, which has generally underestimated crude-oil output,” Tom Kloza, global head of energy analysis at OPIS, a Dow Jones company, told MarketWatch. It also “speaks to the inaccuracy of judging crude-oil production via rig counts.”
Only 4 rigs were added bringing the total to 501. That total is down from 610 a year ago.