2024-02-04 10:48:00 ET
Summary
- U.S. November oil production increased by 84 kb/d to 13,308 kb/d, a new record high. The increase was primarily due to increases in Texas and New Mexico offset by a decrease in the GOM.
- November’s production in the Big Two states increased by a combined 121 kb/d to 7,546 kb/d with Texas adding 76 kb/d while New Mexico added 45 kb/d.
- The number of DUCs available for completion in the Permian and the four major DPR oil basins has fallen every month since July 2020.
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 November 2023.
U.S. November oil production increased by 84 kb/d to 13,308 kb/d, a new record high. The increase was primarily due to increases in Texas and New Mexico offset by a decrease in the GOM. Note that October production was revised down from 13,248 kb/d to 13,224 kb/d.
The dark blue graph, taken from the January 2023 STEO, is the forecast for U.S. oil production from December 2023 to December 2025. Output for December 2025 is expected to reach 13,595 kb/d.
The red OLS line from June 2020 to October 2023 indicates a monthly production growth rate of 64.6 kb/d/mth or 775 kb/d/yr. Clearly the growth rate going forward into 2024, shown by the dark blue graph, is flat and significantly lower than seen in the previous June 2020 to November 2023 time period. From November 2023 to December 2024, production is expected to drop by 119 kb/d. ...
Read the full article on Seeking Alpha
For further details see:
Another New High For U.S. November Oil Production