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Saudi Arabia Hits Pause Button On Higher Oil Output

Oil

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

Key Takeaways

- U.S. oil production hit 11.0 million barrels per day (mb/d), a new record high and a major milestone in U.S. energy history.

- Imports surged by 1.635 mb/d, helping to explain a sharp increase in crude stocks.

- The stock draw and the production increase cast a bearish pall over the report, but the market seems overly gloomy. The gasoline stock drawdown, and the sharp increase in gasoline demand should offset that perception.

1. Shale drillers more efficient

(Click to enlarge)

• U.S. shale drillers continue to improve their efficiency, and not just in the Permian basin.

• New-well production per rig is sharply up in all major shale basins compared to a year ago.

• For instance, in the Eagle Ford, the average rig is estimated to produce around 1,500 barrels per day from a new well in August, up roughly 300 barrels per day compared to the same month a year earlier.

• The average rig in the Permian will produce around 600 barrels per day in August from a new well, compared to around 500 barrels per day in August 2017.

• However, this figure will moderate the more the industry throws rigs…

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