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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"
Duncan Idaho on Mon, 23rd Jul 2018 4:46 pm
Gee, now we only have to import 5-8 million barrels to break even.
Jerome Purtzer on Mon, 23rd Jul 2018 6:00 pm
Just like Russia we are pumping out the remaining fields with more and more speed. When we hit the wall or go over the cliff the result will be certain. Not long to go as we have paid for it all with counterfeit cash.
Boat on Mon, 23rd Jul 2018 6:14 pm
Purtzer
In all fairness the US should supply their own energy. We have the money, we will see in a couple of years if we can do without Canada.
twocats on Mon, 23rd Jul 2018 7:27 pm
weekly numbers are historically not very reliable. the EIA has already started walking back some of its yearly average estimates and production increases due to pipeline constraints.
that’s not oil hitting your face, its the first pieces of poo off the fan blades.
Boat on Mon, 23rd Jul 2018 10:48 pm
2cat
No shyt. The Eia methodology states revisions over months are typical. But the last year weekly estiments have been overly optimistic but the bigger picture estiments have been grossly underestimated. Try to keep up.
Cloggie on Mon, 23rd Jul 2018 11:35 pm
Is it still possible to hire Richard Heinberg for a peak-oil speech? Or only as a stand-up comedian? Or Trump-basher? You gotta do something to keep the chimney smoking.
https://www.youtube.com/watch?v=5HICBGCYB6Y
Richy the self-made oil guru calls himself here “fringe” in 2010 [0:30].
How clairvoyant!
Ricky, you’re out.
print baby print on Tue, 24th Jul 2018 12:50 am
Jerome good one . EIA reports hahahaha, but I have noticed one thing not even a mentioning 2030-2040-2050 , production data , peak and decline , that stories were main stories for years > If my memory serves me well even EIA mentioned oil shortage about 2020 is that possible
deadly on Tue, 24th Jul 2018 3:22 am
I don’t know about you, but it is nice to have an extra eleven million barrels per day to add to the market.
It won’t hurt.
The rest of the world is very kind to add an additional nine million barrels to the pot. Thanks a lot.
These systems are already underway and being used to grow food. There are already 3 successful systems set up in Puerto Rico, China and Canada. The goal is to make these systems, widespread across the globe and supplement the demands for organic produce, while most likely over time wiping out other forms of agriculture that are not sustainable for our planet.
This goes that we do have the technology that is needed to ensure that no one goes hungry and we don’t have to be using the outdated and often destructive methods of industrial agriculture anymore. Times are changing and this system has the potential to transform the agricultural industry in a big way.
Vortex Aquaponics
Could possibly be a game changer, a disruptive technology, the use of crude in agriculture could possibly be reduced dramatically.
The oil could be used to fuel more cars and fewer tractors. More people could hit the road and live without being attached to any part of the earth whatsoever. Stop in at the Vortex Aquaponic drive-in and order your fish sandwich with all of the fixings right from the vortex aquaponic super-sized building.
Nobody would have to work again, ever. Just drive around in your ev, plug in to charge at the vortex aquaponic factory, osmosis could generate electricity. Use a giant potato and plug in your ev to the two leads stuck into the potato and voila, a charged ev.
It don’t get no better.
Can’t grow potatoes in an aquaponic system, you’ll need the good earth.
Potatoes can power civilization. Not a thing to worry about.
Anonymous on Tue, 24th Jul 2018 4:52 am
Peak oilers expected us to be at ~2.5 MM bopd now, not at 11.
Just check out the icon used for stories here”
http://www.ccs.neu.edu/home/gene/peakoil/UHDGdepletion.jpg
print baby print on Tue, 24th Jul 2018 6:27 am
Deadly it would be very nice all you said come true , but really is very questionable we are very strange species. We die by the thousands in the car nobody thinks to move a butt from it and if one shark kill a man we are ready to exterminate entire specie. Yes we can live one couple of potatoes a day but I think most of us are not ready for that , they will be pissed if the champagne and caviar disappear from the shops shelves .
Anonymous depletion rate are exaggerated I agree , if those rates were right today we would be at – 2.5mbpd hahahhahahha. But still no growth in cheap and good oil since 2000 and it simply is not enough to satisfied our cravings for it
print baby print on Tue, 24th Jul 2018 6:28 am
We can gobble up everything we lay our hands on it. UNSUSTANABLE
MASTERMIND on Tue, 24th Jul 2018 7:08 am
Clogg
we dont need Heinberg anymore we have the worlds top two leading experts on our side now the IEA and Saudi’s..Things have changed you basement dweller..
IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
Saudi Arabia’s Energy Minister Warns of World Oil Shortages Ahead
https://www.wsj.com/articles/saudi-minister-sees-end-of-oil-price-slump-1476870790
Saudi Aramco chief warns of looming oil shortage
https://www.ft.com/content/ed1e8102-212f-11e7-b7d3-163f5a7f229c
I think they can take it from here..
MASTERMIND on Tue, 24th Jul 2018 7:09 am
How an oil glut could swiftly turn to an oil shortage
https://www.houstonchronicle.com/business/article/How-an-oil-glut-could-swiftly-turn-to-an-oil-13092902.php
print baby print on Tue, 24th Jul 2018 7:47 am
Good one mm . Somebody was lying and big too
MASTERMIND on Tue, 24th Jul 2018 8:41 am
Clogg’s mom vs Jordan Peterson
https://i.imgur.com/2W19o3r.png
LMFAO!
asg70 on Tue, 24th Jul 2018 8:48 am
Peak oil, DELAYED.
Mark on Tue, 24th Jul 2018 9:27 am
Hmmm… just means that we’ll use up the shale reserves faster than expected. It’ll lure the “investor crowd” as well, to keep pumping money into red ink machines.
print baby print on Tue, 24th Jul 2018 9:30 am
No peak oil is not delayed look around you . People who wish to drive a lot more can’t because of the peok oil . We all drive the less , 3bilions T-rexes can wait to get their hand on a wheel. Collapse postponed yes for maximum 24 months not a day more hahahhaha
print baby print on Tue, 24th Jul 2018 9:32 am
We would be spending 120mbopd if there isnt peak oil at play. And they came up with peak demand my ass
tahoe1780 on Tue, 24th Jul 2018 9:52 am
Quantity, not quality? Have to export it because our refineries aren’t set up for it. https://tinyurl.com/y7dyu7a3 Little to no diesel/jet fuel components. https://tinyurl.com/y7dbhu63 Good for lighter fuel and barbecue grills though. https://tinyurl.com/yddlpgj8
GregT on Tue, 24th Jul 2018 10:28 am
It isn’t the number of barrels that matters, it is the cost of those barrels, and the energy available to the economy that matters.
MASTERMIND on Tue, 24th Jul 2018 10:35 am
Shale oil reminds me on non fat ice cream..
Lmfao!
MASTERMIND on Tue, 24th Jul 2018 10:37 am
Whites will be a minority in America by 2043. Most Americans, (64%) are fine with that—but there’s a big split by party.
https://twitter.com/HeathaT/status/1021772953070039040
Good bye white devil!
Davy on Tue, 24th Jul 2018 10:54 am
What color are you mm?
JuanP on Tue, 24th Jul 2018 10:58 am
Davy “What color are you mm?”
Don’t you think MM’s racist rants are best ignored, Davy? Let’s try to not start any fights today.
Cloggie on Tue, 24th Jul 2018 11:07 am
“What color are you mm?”
Deep red.
Cloggie on Tue, 24th Jul 2018 11:08 am
“Don’t you think MM’s racist rants are best ignored, Davy? Let’s try to not start any fights today.”
Hear, hear!
Dredd on Tue, 24th Jul 2018 11:17 am
The Harm Oil-Qaeda Has Done
Davy on Tue, 24th Jul 2018 11:31 am
ooh, somebody has a black eye. Lol
rockman on Tue, 24th Jul 2018 11:35 am
Tahoe – “Quantity, not quality? Have to export it because our refineries aren’t set up for it.” You and other can misrepresent the absolute necessity of light oil/condensate to the refineries all you want. It won’t change the proven FACT that it’s absolutely necessary to blend with our heavy oil production and imports. Especially those of our largest source of imports…Canada. Our regulars already understand the role of BLENDED OIL in our refinery system. I’ve explained the supporting FACTS many times before so won’t waste more space on you now.
And lets not forget the US NET CONSUMPTION of liquid hydrocarbons. We export refinery products made from 4 to 5 million bbls of oil per day. IOW we consume considerably less oil domestically then our production and import statistics imply.
JuanP on Tue, 24th Jul 2018 11:57 am
Davy “ooh, somebody has a black eye. Lol”
No, Davy, nobody has a black eye. I am trying to encourage you to behave in a civilized manner, that is all. Are you going to beome defender of the white race, too? There was nothing personal in MM’s comment so don’t make it personal. He is being racist and is best ignored for the good of the board.
Davy on Tue, 24th Jul 2018 12:12 pm
Boney Juan, come, just say you want to spare some more. Quit playing your stupid games. Show me where I have been racist. I asked a simple question to someone else that you complicated with your hurt emotions. Mind your own business.
GregT on Tue, 24th Jul 2018 12:14 pm
Davy,
Can you not give it a rest for even one entire day?
Davy on Tue, 24th Jul 2018 12:17 pm
Thanks rock, people here are so emotional about light oil and condensates. Many can stand the fact the US is pumping out so much of this. My concern is for how long not the quality/quantity thingy.
Davy on Tue, 24th Jul 2018 12:22 pm
Geeze, you guys really got you panties wadded. Juan started this shit and you chimed in. Same shit different day. Go play with yourself greggor.
JuanP on Tue, 24th Jul 2018 12:26 pm
Davy “Boney Juan, come, just say you want to spare some more. Quit playing your stupid games. Show me where I have been racist. I asked a simple question to someone else that you complicated with your hurt emotions. Mind your own business.”
My name is Juan and I am not Boney. The board was so much better until you showed up, but here we go again. I am not playing games, you are. I never said you were racist, so please provide the quote to back up your claim or shut up. I will do whatever I want, Davy. You don’t get to tell me what to do because you have absolutely no power over me. Please stop your lying and bullying and behave like a decent person for the board’s good.
JuanP on Tue, 24th Jul 2018 12:31 pm
Davy “Geeze, you guys really got you panties wadded. Juan started this shit and you chimed in. Same shit different day. Go play with yourself greggor.”
Neither Greg nor I wear panties, Davy. You are lying and behaving immaturely. I did not start this, you did, so that is another lie. There are no greggors here, either. Please repect others and stop lying, insulting, and bullying others. You are ruining the board again.
Davy on Tue, 24th Jul 2018 12:34 pm
Boo boo, listen to the elaborate whine. Do you always act this way when things don’t go your way? Greggie Juan be useful and say something intelligent then we can debate. Crying over yesterday’s bitch slappin just shows how you ltwo ack a backbone.
MASTERMIND on Tue, 24th Jul 2018 12:51 pm
How an oil glut could swiftly turn to an oil shortage – Houston Chronicle
Oil industry analysts and executives fear a looming global supply crunch is on the horizon, even as Texas and other parts of the nation keep churning out more oil than ever.
Of particular concern is a shortage of global spare oil capacity, Webster said. Many oil-producing countries are on the decline, while others are pumping out almost as much as they possibly can. There’s little remaining margin to boost production if supplies dwindle.
In recent years, the oil and gas sector has sounded alarm bells about so-called “peak demand.” That’s the theory that global oil consumption could plateau soon with the switch to renewable energy and electric vehicles. But now there are increasing predictions that demand could actually outpace crude supplies starting in the next year or so.
That’s an ominous sign for crude oil supplies in the few years ahead, starting as soon as 2019, he added.
https://www.houstonchronicle.com/business/article/How-an-oil-glut-could-swiftly-turn-to-an-oil-13092902.php
JuanP on Tue, 24th Jul 2018 12:54 pm
Davy “Boo boo, listen to the elaborate whine. Do you always act this way when things don’t go your way? Greggie Juan be useful and say something intelligent then we can debate. Crying over yesterday’s bitch slappin just shows how you ltwo ack a backbone.”
Nobody is whining, except maybe you. I am acting in a civilized manner, unlike you. What exactly didn’t go my way? Nobody here is called Greggie. You are the one who is neither debating nor behaving intelligently. You are the one talking about yesterday, not me. You never bitch slapped anyone. Why do you insult us by saying we lack a backbone? I am neither insulting you nor disrespecting you. Please be civilized and stop lying, bullying, and insulting others.
Davy on Tue, 24th Jul 2018 1:05 pm
Noise
JuanP on Tue, 24th Jul 2018 1:10 pm
Davy “Noise”
No, the truth. Please stop being disrespectful.
Davy on Tue, 24th Jul 2018 1:21 pm
More noise
GregT on Tue, 24th Jul 2018 1:33 pm
Please, give it a rest already Davy.
JuanP on Tue, 24th Jul 2018 1:41 pm
Davy “More noise”
No, more truth. Please stop being disrespectful.
Davy on Tue, 24th Jul 2018 1:42 pm
More more noise
JuanP on Tue, 24th Jul 2018 1:47 pm
Davy “More more noise”
No, simply the truth and your repeating yourself doesn’t change anything. You can repeat the same thing an infinite amount of times, but it will remain a lie. Repeating a lie won’t make it true. You are the one making noise, not me. Please be respectful.
Davy on Tue, 24th Jul 2018 2:09 pm
Noisy with the faint smell of ass
JuanP on Tue, 24th Jul 2018 2:25 pm
Davy “Noisy with the faint smell of ass”
If that’s what you smell then maybe you should take a shower. Please stop behaving like a bully. You are ruining the board. With every insulting comment you post you just prove my point that you are the problem here, not me. Please be civil.
JuanP on Tue, 24th Jul 2018 2:28 pm
Davy, if you are hearing noises and smelling ass maybe it is because you are having trouble controlling your sphincter. I don’t hear any noises or smell anything, and, apparently, you are the only one here that does.