OLOXF - Bad Weather Drops U.S. January Oil Production
2024-04-02 09:08:00 ET
Summary
- U.S. January oil production decreased by 762 kb/d to 12,533 kb/d. The large decrease was due to a severe US winter storm that was spread across most central states.
- Texas production decreased by 288 kb/d in January to 5,361 kb/d.
- New Mexico’s January production dropped by 108 kb/d to 1,819 kb/d.
A guest post by Ovi
All of the Crude plus Condensate (C + C) production data for the US state charts comes from the EIA?s Petroleum Supply monthly PSM which provides updated information up to January 2023.
U.S. January oil production decreased by 762 kb/d to 12,533 kb/d. The large decrease was due to a severe US winter storm that was spread across most central states. The largest drop came from Texas, 288 kb/d.
The dark blue graph, taken from the March 2023 STEO, is the forecast for U.S. oil production from February 2024 to December 2025. Output for December 2025 is expected to reach 13,822 kb/d and is an increase of 124 kb/d from the previous STEO report.
The red OLS line from June 2020 to December 2023 indicates a monthly production growth rate of 65 kb/d/mth or 780 kb/d/yr. Using a two-point average, the growth rate from February 2024 to December 2024 is 32.7 kb/d/mth, 1/2 of the growth rate for the previous period. Regardless this is still a very high growth rate and is not consistent with many articles predicting a near-term peak in US oil production. ...
Bad Weather Drops U.S. January Oil Production