• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 2 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 8 days How Far Have We Really Gotten With Alternative Energy
Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Baghdad is repairing the Kirkuk-Ceyhan…

The EU Allows Members to Ban Russian LNG as Imports Climb

The EU Allows Members to Ban Russian LNG as Imports Climb

The European Parliament approved rules…

Editorial Dept

Editorial Dept

More Info

Premium Content

U.S. Oil Production Has Already Peaked

oil

1. New fracked wells plunge

- The collapse of oil prices has already led to the removal of more than 150 rigs in just three weeks.
- This year, the number of newly completed wells coming online could fall to its lowest level in more than a decade at less than 9,000, according to Rystad Energy and Qz.com.
- Already, seven oil and gas companies have filed for bankruptcy in 2020, a figure that could balloon with WTI under $30 per barrel.
- U.S oil production fell by 600,000 bpd last week, evidence that the hit to output has already begun.

2. U.S. oil production already peaked

- The U.S. EIA predicted that oil production could decline by 0.5 mb/d in 2020 and potentially by 0.7 mb/d in 2021.
- But, obviously, everything depends on price. Standard Chartered estimates that the U.S. could lose 4 mb/d by the end of next year if oil prices remain at $30 per barrel.
- Either way, U.S. oil production has peaked, and it will be difficult to climb back to these levels ever again, given how much capital markets have soured on the industry.
- The EIA said that the U.S. will once again become a net petroleum importer later this year, ending a brief spell in which the U.S. was a net exporter (for the first time since 1973).

3. Permian discounts spike

- With demand dropping suddenly, refineries have had to curtail the production of refined products. That has led to oil backed up in pipelines and at the wellhead.
- Prices…





Leave a comment

Leave a comment




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