U.S. Crude Production Outperforms In November

The Energy Information Administration reported that November crude oil production averaged 11.900 million barrels per day (mmbd), up 345,000 b/d from October. This estimate capped a spectacular 6-month gain of 1.436 mmbd from June through November, a period when capacity takeaway constraints had been expected to slow down the growth in Texas.

November crude oil production

The year-over-year gains have been especially impressive with the November figure being 1.801 mmbd. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply add to that. For November, that additional gain is about 500,000 b/d. Continue reading "U.S. Crude Production Outperforms In November"

U.S. Crude Production Gains Slow In October

The Energy Information Administration reported that October crude production averaged 11.560 million barrels per day (mmbd), up 79,000 b/d from September. This was a slowdown in growth from the spectacular numbers recorded in July and August.

Crude Production

However, the year-over-year gain was still a very impressive 1.850 mmbd. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply add to that. For October, that additional gains is about 600,000 b/d.

Crude Production

The gain was led by a 33,000 b/d increase in New Mexico, a 31,000 b/d rise in North Dakota and a gain of 22,000 b/d in Colorado. Weather factors affected the overall gain, as production fell by another 29,000 b/d in the U.S. Gulf. Continue reading "U.S. Crude Production Gains Slow In October"

U.S. Crude Production Shows No Signs Of Bottleneck

The Energy Information Administration reported that August crude oil production averaged 11.475 million barrels per day (mmbd), up 129,000 b/d from August. The gain was led by a 106,000 b/d increase in Texas, a 64,000 b/d rise in North Dakota and a gain of 24,000 b/d in Mexico. Seasonal factors affected the overall gain, as production fell by 147,000 b/d in the U.S. Gulf and rebounded by 43,000 b/d in Alaska.

permian basin

The EIA-914 Petroleum Supply Monthly (PSM) figure was 438,000 b/d higher than the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR), averaged over the month, of 11.037 mmbd. Continue reading "U.S. Crude Production Shows No Signs Of Bottleneck"

US February Crude Production Shows Big Gain

Robert Boslego - INO.com Contributor - Energies - US February Crude Production


The Energy Information Administration (EIA) reported that February crude oil production averaged 10.264 million barrels per day (mmbd), up 260,000 b/d from January, setting a new all-time record for the U.S. The large increase reflected a gain from a level that was constrained by weather issues.

The largest increases were recorded in Texas (106,000 b/d), the Gulf of Mexico (89,000 b/d) and New Mexico (46,000 b/d).

US February Crude Production

The EIA-914 Petroleum Supply Monthly (PSM) figure was 26,000 b/d lower than the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR), averaged over the month, of 10.290 mmbd. EIA’s most recent weekly estimate for the week ending April 20th was 10.586 mmbd. Continue reading "US February Crude Production Shows Big Gain"

Updated World Oil Forecast For April

Robert Boslego - INO.com Contributor - Energies - World Oil Forecast


According to the Energy Information Administration (EIA), world oil production will exceed demand for much of the balance of 2018, and therefore global OECD oil inventories are projected to rise. Specifically, the EIA estimates that OECD inventories bottomed at the end of March at 2.784 million barrels (mmb) and will rise by 80 mmb through year-end, up 26 mmb from December 2017. And its projections through 2019 show another net stock gain of 34 mmb to end the year at 2.898 mmb.

World Oil Forecast

The DOE forecasts for 2018 and 2019 are based on dramatically different seasonal stock changes that occurred in 2017. OECD stocks fell by over 147 mmb from August through December, according to the latest estimates. But in 2018, it is predicting a net stock build over those same months.

World Oil Forecast

In 2019, it is forecasting a build similar to 2018, but without a first-quarter draw. Continue reading "Updated World Oil Forecast For April"