Welcome to the "surprise?!" edition of Oil Markets Daily!
The highly anticipated EIA 914 report was released today and surprise, U.S. oil production was lower versus November.
November U.S. oil production was revised slightly higher to 11.908 mb/d while December U.S. oil production came in at 11.851 mb/d or lower by 57k b/d. Most of the decline came from Gulf of Mexico as seasonal maintenance pushed overall production lower. Taking the maintenance aside, U.S. oil production is likely closer to ~12 mb/d at the moment or in-line with our U.S. oil production model.
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