DBE - U.S. February Oil Production Rebounds
2024-05-06 13:18:00 ET
Summary
- U.S. February oil production rebounded by 578 kb/d to 13,154 kb/d.
- On a YoY basis, US production increased by 622 kb/d. GOM production rose by 53 kb/d MoM while YOY it is down by 28 kb/d.
- Colorado?s February production increased by 22 kb/d to 467 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 Febuary 2024.
U.S. February oil production rebounded by 578 kb/d to 13,154 kb/d. The large increase was due to a rebound from the severe January winter storm that spread across most central states. The largest increases came from Texas, 172 kb/d and North Dakota 173 kb/d.
The dark blue graph, taken from the April 2023 STEO, is the forecast for U.S. oil production from March 2024 to December 2025. Output for December 2025 is expected to reach 13,904 kb/d and is an increase of 82 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. From February 2024 to December 2025 production is expected to grow by 750 kb/d. This increase is very high growth and is not consistent with many articles predicting a near term peak in US oil production.
The light blue graph is the STEO’s projection for output to December 2025 for the Onshore L48. From February 2023 to December 2025, production is expected to increase by 563 kb/d to 11,484 kb/d which is 103 kb/d higher than reported in the previous STEO....
U.S. February Oil Production Rebounds