• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 45 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 23 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 day Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 8 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 1 day "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 18 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Editorial Dept

Editorial Dept

More Info

Saudi Arabia Hits Pause Button On Higher Oil Output

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…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News