[copious.abundance]

Notice the new peak is now higher than the previous peak of a couple years ago.


linky

[AdamB]

$this->bbcode_second_pass_quote('copious.abundance', 'N')otice the new peak is now higher than the previous peak of a couple years ago.


linky

[copious.abundance]

US oil production tops 10 million barrels a day for first time since 1970
$this->bbcode_second_pass_quote('', 'U').S. oil production broke 10 million barrels a day for the first time in 48 years in November, according to new monthly data released by the government on Wednesday.

While U.S. production has been rising as prices rose, the 10 million barrel mark is an important milestone that reinforces America's place in the energy big leagues and also its aspiration to use its new oil dominance in diplomacy.

The U.S. last produced 10 million barrels a day in November, 1970, just when production peaked before a very long decline, according to U.S. Energy Department monthly data. Unlike 1970, U.S. oil production in 2018 is on an upswing, and U.S. shale and other producers are expected to add more than 1 million barrels a day this year alone for an average production rate government forecasts put at 10.3 million barrels a day.

[vtsnowedin]

$this->bbcode_second_pass_quote('copious.abundance', '[')url=https://www.cnbc.com/2018/01/31/us-oil-production-tops-10-million-barrels-a-day-for-first-time-since-1970.html]US oil production tops 10 million barrels a day for first time since 1970[/url]
$this->bbcode_second_pass_quote('', 'U').S. oil production broke 10 million barrels a day for the first time in 48 years in November, according to new monthly data released by the government on Wednesday.

While U.S. production has been rising as prices rose, the 10 million barrel mark is an important milestone that reinforces America's place in the energy big leagues and also its aspiration to use its new oil dominance in diplomacy.

The U.S. last produced 10 million barrels a day in November, 1970, just when production peaked before a very long decline, according to U.S. Energy Department monthly data. Unlike 1970, U.S. oil production in 2018 is on an upswing, and U.S. shale and other producers are expected to add more than 1 million barrels a day this year alone for an average production rate government forecasts put at 10.3 million barrels a day.

[AdamB]

$this->bbcode_second_pass_quote('copious.abundance', '[')url=https://www.cnbc.com/2018/01/31/us-oil-production-tops-10-million-barrels-a-day-for-first-time-since-1970.html]US oil production tops 10 million barrels a day for first time since 1970[/url]
$this->bbcode_second_pass_quote('', 'U').S. oil production broke 10 million barrels a day for the first time in 48 years in November, according to new monthly data released by the government on Wednesday.

While U.S. production has been rising as prices rose, the 10 million barrel mark is an important milestone that reinforces America's place in the energy big leagues and also its aspiration to use its new oil dominance in diplomacy.

The U.S. last produced 10 million barrels a day in November, 1970, just when production peaked before a very long decline, according to U.S. Energy Department monthly data. Unlike 1970, U.S. oil production in 2018 is on an upswing, and U.S. shale and other producers are expected to add more than 1 million barrels a day this year alone for an average production rate government forecasts put at 10.3 million barrels a day.

[copious.abundance]

[copious.abundance]

[GoghGoner]

There has been some debate amongst oil insiders on whether the current trajectory of US oil production is a blip or more sustainable. I subscribe to the blip theory (for the next six months at least) since drilling rig counts remained flat from July,2017 until Jan, 2018. The past 3 weeks the EIA has the production flattened.

[ROCKMAN]

Goner - Yes, the lag time between the rig count and SIGNIFICANT changes in production is still difficult for some to grasp. First the obvious that some overlook. IOW seeing a rig added to the count just initially means just one new well is being drilled. Which, regardless of how good it comes on, is invisible on the national production ledger. OTOH keep it drilling for a year and you could add 6+ wells depending on the length of each well.

But as explained before rarely does the drill rig complete the well. It moves on to the next well. In a week, or 2 or 3+ weeks a completion rig moves in. But it could be much longer if needs to be frac'd. The completion rig won't move on until the frac crew can arrive. Depending on demand and how many frac crews are still working that could be several weeks to several months. But even after frac'ng is done and the well ready to flow the surface production needs to be set up. That might take a week plus to more then a month.

So now the well is producing. But assume it's the first week of the calendar month. Production is only tallied at the end of the calendar month. It might take a company a week to report that month's production to the regulator, such as the TRRC. But some might take a month...or more. But the regulator might take a month (or 2 or more) to post the data for public access. Now it's a question of how long it take an organization like the EIA to compile the data from all the sources and then publish it for public consumption.

Bottom line: it can take many months (easily 6 months to a year) for the effect of an increase (or decrease) in the published rig count to show up in such reports put out by the EIA et al.

[rockdoc123]

to further add uncertainty regarding time to first production many of the shale drillers are now drilling a fair number of wells prior to bringing in a frac crew. "zipper" fracs are quite common now as a means of improving overall production and waiting until there are a number of wells to frac before moving in the crew lowers overall operating costs. It isn't unusual for wells to sit for a couple of months prior to the frac crew coming in.

[GoghGoner]

The increase from the Permian from August until February is crazy.

[copious.abundance]

All of February was not just over 10 million bpd, but over 10.2 million bpd!
https://www.eia.gov/dnav/pet/hist/LeafH ... RFPUS2&f=W

[AdamB]

$this->bbcode_second_pass_quote('rockdoc123', 't')o further add uncertainty regarding time to first production many of the shale drillers are now drilling a fair number of wells prior to bringing in a frac crew. "zipper" fracs are quite common now as a means of improving overall production and waiting until there are a number of wells to frac before moving in the crew lowers overall operating costs. It isn't unusual for wells to sit for a couple of months prior to the frac crew coming in.

[copious.abundance]

Notice it is now very noticeably above the 1971 peak.



Source: https://www.eia.gov/dnav/pet/hist/LeafH ... RFPUS2&f=M

[GHung]

$this->bbcode_second_pass_quote('', '.')...In the meantime, one third of gas and oil production in the United States is a shale.And the bid consumer of energy is not only content to be independent, the country is now even an exporter of energy.

[ROCKMAN]

Ghung -"...the country is now even an exporter of energy." Obviously based on Btu's that isn't even close to being true. If you believe it's an effort to confuse "exporter" with "net exporter". IOW the US has been an "exporter of energy" for more then 100 years.

The total Btu count of our oil imports greatly exceed even the combined Btu count of our oil and NG exports. Just more spin trying to influence the thoughts of the less informed.

[shortonoil]

$this->bbcode_second_pass_quote('', '&')quot;Can the USA run on internally produced energy alone ?"