• 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
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
U.S. Drilling Activity Continues to Drop Off

U.S. Drilling Activity Continues to Drop Off

The total number of active…

The AI Revolution Has a Problem: Energy

The AI Revolution Has a Problem: Energy

On the one hand, artificial…

U.S. Only Lifted Oil Production By 12,000 Bpd In July

The United States increased its crude oil production in July by an average of just 12,000 barrels per day, according to the latest monthly data published by the Energy Information Administration.

The United States produced 365.8 million barrels of crude oil in July, an average of 11.8 million bpd.

The data showed that the largest increase was seen in Texas, which boosted its crude oil output by 43,000 bpd. New Mexico saw the second largest gains at 38,000 bpd. Those larger gains were partially offset by losses in California (-5,000 bpd), Colorado (-13,000 bpd), Oklahoma (-25,000 bpd), and North Dakota (-54,000 bpd), according to the Petroleum Supply Monthly.

U.S. crude oil imports hit 204.7 million barrels for July, or an average of 6.6 million bpd. Crude oil exports totaled 117.7 million barrels for the month, or 3.8 million bpd.

Total crude oil stocks fell in July by 18.6 million barrels.

U.S. crude oil production has been slow to ramp up following the painful pandemic years. From the 13 million bpd high reached in November 2019, U.S. oil producers saw their production fall to 9.713 million bpd in May 2020. Since then, production has slowly ramped up, reaching 11.8 million bpd in July—the highest level since April 2020, according to EIA data.

Meanwhile, crude oil exports have surpassed their pre-pandemic highs.

U.S. crude oil production has failed to live up to White House expectations made earlier this year that counted on U.S. producers ramping up production by a million bpd by the time the Strategic Petroleum Reserve releases were complete in October. Since the Biden Administration’s major SPR release was announced earlier this year—designed to bridge the gap as U.S. producers ramped up supplies—U.S. crude oil production has increased by just 100,000 bpd.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on September 30 2022 said:
    Average crude oil consumption in the United States during the first 9 months of 2022 amounted to 20.6 million barrels a day (mbd) against a daily production of 11.8 mbd according to US Energy Information Administration (EIA).

    This means that US crude oil imports averaged 8.8 mbd during that period and not 6.6 mbd in July. So the figure of 6.6 mbd is either underreported by 2.2 mbd or is simply incorrect.

    It also means that the claim that the US exported an average of 3.8 mbd in July is equally incorrect. These claimed exports are no more than an exchange between 3.8 mbd of US extra light crude and an equivalent volume of heavy and extra heavy crudes like the ones US refineries are tooled to process. Therefore, they can't be classified as net exports.

    And the fact that US oil production increased by only 12,000 barrels a day (b/d) on average in July confirms that US shale oil is a spent force incapable of lifting production beyond an estimated figures of 9.5-10.0 mbd.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • Sean Pruitt on September 30 2022 said:
    That's because shale decline rates are upwards of 60% a year.

    You have to drill a massive amount of wells just to maintain current production levels.

    Banks, fund shale!! Government, remove red tape and green restrictions! Give oil companies more subsidies!

    Just wait until we run out of DUCS!

    LETS GO BRANDON

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