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Page added on July 23, 2018
US crude oil output hits 11 million barrels per day for first time ever
U.S. crude oil production last week hit 11 million barrels per day (bpd) for the first time in the nation’s history, the Energy Department said on Wednesday, as the ongoing boom in shale production continues to drive output.
The gains represent a rapid increase in output, as the data, if confirmed by monthly figures, puts the United States as the second largest producer of crude oil, just behind Russia, which was producing 11.2 million bpd in early July, according to sources.
“Eleven million would have made us the biggest producer in the world; but actually Russian production in June was above 11 million. So, this is kind of like the space race,” said Sandy Fielden, director of research in commodities and energy at Morningstar.
The United States has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.
“I don’t think production is plateauing at 11. It’s fully expected to grow beyond 11 – we won’t be topping out there,” said Scott Shelton, a broker at ICAP in Durham, North Carolina.
Crude inventories USOILC=ECI increased 5.8 million barrels in the week to July 13, compared with analysts’ expectations for a decrease of 3.6 million barrels.
Crude futures edged down on the data. U.S. crude CLc1 was down 55 cents to $67.51 a barrel, while Brent LCOc1 dropped 39 cents to $71.77 a barrel. The benchmarks have gained steadily since bottoming out below $30 a barrel in early 2016; U.S. crude is up nearly 12 percent this year.
Weekly production figures from the U.S. Energy Information Administration are notorious for revisions, as monthly data, released on a lag, shows U.S. production at 10.5 million bpd as of April.
In the last several weeks, the EIA has rounded off U.S. production to the nearest hundred thousand barrels, so that figure had been stuck at 10.9 million bpd for over a month.
This report comes amidst worries that infrastructure bottlenecks, which make it difficult for producers to get their oil to market, could soon start curtailing output.
Morgan Stanley analysts said recently that pipeline constraints could cap 2019 growth in west Texas. They said the Permian shale play has about 3.56 million bpd of pipeline capacity, about what is being produced there now.
Even as production ramps up, the United States, the world’s top oil consumer, still depends on imports. Net U.S. crude imports USOICI=ECI rose last week by 2.2 million bpd to about 9 million bpd.
Gasoline stocks USOILG=ECI fell by 3.2 million barrels, compared with analysts’ expectations for a 44,000-barrel drop.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 371,000 barrels, versus expectations for a 873,000-barrel increase.
222 Comments on "US crude oil output hits 11 million barrels per day for first time ever"
JuanP on Wed, 25th Jul 2018 3:09 pm
I turned the page on Davy!
JuanP on Wed, 25th Jul 2018 3:09 pm
ROFLMFAO!
Anonymouse1 on Wed, 25th Jul 2018 4:28 pm
RoFL
Davy on Wed, 25th Jul 2018 5:43 pm
wow, that was a record. LOL
MASTERMIND on Wed, 25th Jul 2018 5:48 pm
Top U.S. Shale Oil Fields Decline Rate Reaches New Record…. Half Million Barrels Per Day
If we add up these top five shale oil fields monthly decline rate for August will be 503,000 bpd. Thus, the shale oil companies must produce at least 503,000 bpd of new oil supply next month just to keep production from falling. And, we must remember, this decline rate will continue to increase as shale oil production rises.
https://srsroccoreport.com/top-u-s-shale-oil-fields-decline-rate-reaches-new-record-half-million-barrels-per-day/
GregT on Wed, 25th Jul 2018 7:07 pm
“wow, that was a record. LOL”
Actually, it wasn’t. Your little “battles” with everyone have driven post counts above 200 on numerous occasions.
That isn’t something to be proud of Davy. You should be ashamed of yourself.
Davy on Wed, 25th Jul 2018 7:14 pm
Shut up greggie those were your records. You are actually worse than Boney Juan when you stalk and prick wanting the first and last slap. You are a disgusting asswipe and I am surprised you add to the nonsense of today. You stupid cocky bastards weren’t happy with me choosing the better road. You wanted me gone. Now look at your dumbass whining all day. You have said nothing today Greggie, nothing. You are a disgusting squatter taking up valuable space for those who contribute.
Makati1 on Wed, 25th Jul 2018 7:17 pm
Davy is also a ‘YUGE’ hypocrite. I’m surprised that the site manager has allowed him to continue for so many years. He is tearing the site down with his insanity.
GregT on Wed, 25th Jul 2018 7:32 pm
“You stupid cocky bastards weren’t happy with me choosing the better road. You wanted me gone.”
More delusions.
My username is not greggie, I am never going to ‘shut up’, I am not a ‘disgusting asswipe’ (whatever that’s supposed to mean?). I am by no means ‘stupid’, a ‘cocky bastard’, a ‘disgusting squatter’, or a ”dumbass”, and you have never once taken the ‘better road’ since you went off of the deep end over the American web site deagel.com link.
Put an end to the constant bullying and personal attacks Davy. Until you do, the retaliations will continue.
Your choice.
Davy on Wed, 25th Jul 2018 7:44 pm
3rd world you are the primary reason this board is in the gutter and really no longer relevant. I mean who would want to come here and read about somebody who wants 3am NUK flashes and rejoice in the thought. You are an extremist magnet and have resisted any idea of moderation from intelligent regulars. Then there is grehggie juan types that support and enable your nonsense. They are just as bad but don’t regurgitate meaningless bile like you. I made a promise to you and intend on keeping it.
GregT on Wed, 25th Jul 2018 7:48 pm
“I made a promise to you and intend on keeping it.”
As long as you continue to harass, bully, and personally attack others on this forum, myself included, the retaliations will continue Davy.
Davy on Wed, 25th Jul 2018 7:49 pm
Greggie you are a useless squatter acting as though you deserve respect. You know you have been here a long time and you know are west coast Canadian… cough cough. What a nut job. I can’t wait for you to say something so I can file it then see how long until you say something worthwhile next. I need to keep track of your pricking in between too. That is you prolific activity. I already educate you regularly. Enjoy
GregT on Wed, 25th Jul 2018 7:54 pm
My username is not greggie, Davy. I am not a ‘useless squatter’, or a ‘nut job’, and you are not educating anybody.
As long as you continue to harass, bully, and personally attack others on this forum, myself included, the retaliations will continue.
Davy on Wed, 25th Jul 2018 7:55 pm
Retaliation. More like a wimpy gangbang where the bangers are getting their ass kicked. Retaliation, sorry Greggie, you are practicing group censorship and you will be the one to pay the price not me. You are looking like a fool because you say very little. Show your brains not you stupid Canadian pride that seeks conflict with Americans. I despise Canada because of you and the
rest of the ugly anti-American Canadians here. Thank God many ugly Canadians have left. Hopefully you will go too.
Makati1 on Wed, 25th Jul 2018 7:58 pm
GregT: It is amazing that anyone with the mental problems Davy has, can still function. I can see him breaking down and either going postal or taking the ’22’ way out eventually.
He drove his family away and now he is trying to destroy anyone who disagrees with his delusional version of reality. His insanity has prevented him from realizing that words from a nobody can never have any effect on the rest of us. Cutesy name calling, and ignorance/denial of the real world, is so obviously signs of his insanity.
I keep giving him refs for psychiatric help, like this one:
https://www.freeclinics.com/sta/missouri
He is slip slidin’ to a breakdown.
GregT on Wed, 25th Jul 2018 8:03 pm
I am not a nationalist like you are Davy. I have no political affiliations, and I do not believe in human imaginary lines drawn in the sand. All of the above only lead to corruption, violence, and wars.
Unlike you, I do not hate, or despise, anybody.
As long as you continue to harass, bully, and personally attack others on this forum, myself included, the retaliations will continue.
Your choice.
Davy on Wed, 25th Jul 2018 8:16 pm
Greggie, you are a full blown virulent closet nationalist. You parade around like you are not one. This is why you are so screwed up. You are a fake that says one thing but thinks and lives another. I have followed you so long now I know how disgusting you are. You hate Americans and from the time you get up it is about coming here and attacking Americans. Your retaliation is going to be shoved down your throat pussy. Just like your buddy boney boney juan freaked out and couldn’t take it so will you eventually. You two are mentally ill. 3rd world is just an old man losing his marbles. You two are younger and losing them. SAD
Davy on Wed, 25th Jul 2018 8:22 pm
“Davy has, can still function. I can see him breaking down and either going postal or taking the ’22’ way out eventually.”
Quit your little dog barking at big dog fight. You are a little scrawny wimp of a man and one can see this clearly from how you preach hate and then brag on yourself as if you are special. Your type is the reason this world has little hope. Billy 3rd world thinks of only himself and rejoices in others misfortune. How could anyone sit and watch natural disasters unfold and find pleasure in it. Yea, and this tells volumes about greggie juan and what they want because they enable and support you.
GregT on Wed, 25th Jul 2018 8:36 pm
“Greggie, you are a full blown virulent closet nationalist.”
My username on this forum is not greggie, Davy, and I just told you that I am not a nationalist, and my reasoning as to why I have a problem with nationalism.
I am not disgusting, I do not hate Americans, I am not a pussy, and you are not going to ram anything down my throat. JuanP is not my buddy, and he didn’t ‘freak out’. I am not mentally ill, and Makati1 is not losing his marbles. As a matter of fact, Makati1 displays complete sanity, while you do not. At all.
As long as you continue to harass, bully, and personally attack others on this forum, myself included, the retaliations will continue.
Your choice.
Cloggie on Thu, 26th Jul 2018 12:21 am
This forum is in a tail spin due to constant bickering. Not very stimulating to post anymore.
Sad.
“Seek help”
“3rd world”
“Greggie”
“Exceptionalisturd”
“Boney Juan”
“Delusional Dave”
“Give it a rest already”
We know it by now.
Stop these Pavlov reactions.
At least add some content to your insults.
Boney Joe on Thu, 26th Jul 2018 1:54 am
Cloggie:
You forgot to include “DavyDonaldTurd (DDT)”
I am shocked by your omission.
Harquebus on Sat, 28th Jul 2018 7:08 pm
Hey guys. Get a room.
I am getting a little tired of these childish one upmanship slurs.
Enough already. Sort it out or fuck off.