• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 50 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 hour So You Think We’re Reducing Fossil Fuel? — Think Again
  • 14 mins How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 5 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 48 mins Renewables provided only about 4% of total global energy needs in 2018
  • 5 hours N.Y. Governor Signs Climate Bill
  • 9 mins Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 15 hours Shale Oil will it self destruct?
  • 4 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 2 days Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 days Iran Captures British Tanker sailing through Straits of Hormuz
  • 3 hours Today in Energy
  • 6 mins Which is a better domain name for OAPEC?
Alt Text

1 Million Bpd At Risk In Gulf Of Mexico Tropical Storm

Oil producers are beginning to…

Alt Text

Increasingly Weak Demand Outlook Caps Oil Prices

Another downgrade in global crude…

Alt Text

Signs Of Slower Permian Oil Growth Continue To Emerge

While U.S. shale production is…

Ron Patterson

Ron Patterson

Ron Patterson is a retired computer engineer. He worked in Saudi Arabia for five years, two years at the Ghazlan Power Plant near Ras Tanura…

More Info

Premium Content

US Oil Production Finally Starting to Decline

 

(Click to enlarge)

The Monthly Energy Review and the Petroleum Supply Monthly have US production peaking, so far, in March and April. The Petroleum Supply Weekly has US production peaking in June. In the chart above I have averaged the Petroleum Supply Weekly into monthly data. All data is in thousand barrels per day. Related: EIA Capitulates Under Cover Of Darkness

(Click to enlarge)

Here we have the weekly data from the Petroleum Supply Weekly. The last data point is July 24th. The huge jumps you see are basically just revisions. The huge jump you see for the week of May 22nd, was not really a jump. The EIA explained that their prior numbers were too low and the sudden increase that week was merely an adjustment. Related: Don't Expect An Oil Price Rebound This Side Of 2017

(Click to enlarge)

The EIA is finally getting its act together as to Texas C+C production. They have Texas peaking in March at 3,770,000 bpd and declining 106,000 bpd since then. Related: US Shale: How Smoke And Mirrors Could Cost Investors Millions

The EIA had the Gulf of Mexico spiking up in April but falling right back in May. The BSEE data, like Texas, is always delayed but only by about four months.

The EIA admits that they show different data but tries to explain it here:

EIA reports show different aspects of U.S. oil production statistics and trends

By Ron Patterson

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • K Yamaguchi on August 04 2015 said:
    Mr. Patterson,

    Do you think the 150,000 reduction in weekly production reported July 24 was a real reduction from prior week, or just another "correction" based on the drop in production for May vs. April?

    Trying to figure out if those reduction should be considered additive, or essentially the same adjustments.
  • gus on August 05 2015 said:
    I agree with the author. Today's number (9.46 million per day) is further indication that U.S. production peaked earlier this year. Even though the number is higher than last week's, it proves that last week's 9.41 number was not a fluke. We are definitely down from the 9.6 peak in the weekly numbers. These numbers don't jump around much. I would expect another 9.4 next week, or a 9.3. Meanwhile, I expect many commentators on the short side to keep saying "oil production still hasn't fallen" or even "oil production is rising", even though it likely peaked months ago and we are now seeing further proof in the gov't stats. The WTI price will keep jumping around in the short term because the dollars jumps around, and because the drop in production is somehow not visible enough for some people. If you want to sell your energy stocks at the worst possible time, now's the time.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play