U.S. Crude Oil Production Hits Record 12 Million Bpd

[Yongpeng Sun-Tastaufen]

https://oilprice.com/Latest-Energy-...il-Production-Hits-Record-12-Million-Bpd.html

U.S. crude oil production hit a record 12 million bpd in the week ending February 15, rising by 100,000 bpd from 11.9 million bpd in the previous week, the weekly EIA petroleum data showed as American production is growing faster than forecasts suggested just a few months ago.

In November 2018, the EIA estimated that U.S. crude oil production would exceed the 12-million-bpd mark in the second quarter of 2019. Earlier forecasts had showed that the 12-million-bpd threshold would be surpassed only in the fourth quarter of this year.

U.S. crude oil exports also hit an all-time high in the week to February 15—at 3.607 million bpd, beating the previous record of 3.203 million bpd set in the last week of November 2018, EIA data showed.

In its February Short-Term Energy Outlook (STEO) published last week, the EIA estimates that U.S. crude oil production averaged 12.0 million bpd in January, up 90,000 bpd from December. The EIA now sees U.S. crude oil production averaging 12.4 million bpd this year and 13.2 million bpd next year, and most of the growth would come from the Permian.

In the Permian, the EIA estimates in its monthly Drilling Productivity Report published this week that crude oil production is set to rise above 4 million bpd in March for the first time in history. This month, the fastest-growing shale play in the United States is producing an estimated average of 3.981 million bpd, which is set to expand by 43,000 bpd in March, to 4.024 million bpd. This will in turn push the total shale oil output of the United States up by 84,000 bpd to 8.398 million bpd in March from 8.314 million bpd in February.

After the EIA figures showed another record in U.S. crude production, oil prices initially turned lower on Thursday amid concerns that soaring American output would be offsetting a large part of the OPEC+ cuts.

Early on Friday, however, prices were supported by hopes that the U.S. and China could reach a deal and avert a trade war. At 07:00 a.m. EST, WTI Crude was up 0.91 percent at $57.48 and Brent Crude traded up 0.54 percent at $67.55.

 

[Beast]

Oil is history. There is reason why China keep their own oil production low.

 

[LeGenD]

Oil is history. There is reason why China keep their own oil production low.

Significance of oil will not diminish anytime soon. US has cut its oil imports from various suppliers to large extent and stimulated its domestic production in accordance - it is wise to reduce imports in the energy sector, if possible.

FYI: https://www.iiss.org/blogs/analysis/2018/12/powerlines-us-oil-imports

 

[Yongpeng Sun-Tastaufen]

Oil is history. There is reason why China keep their own oil production low.

Oil is king for the next few hundred years at the very least. Don't expect battery cars to dominate anytime soon. By 2100 if they can be 10% of auto sales would be a miracle. Supply of lithium is constrained and there is no economic way of extracting it from rocks, only from brine. And in terms of convenience, battery cars cannot compete with oil cars. Takes too long to charge. Battery cars and oil cars were both invented in the 1800s. There is a reason why oil cars dominate and not battery cars.

 

[Elvin]

Oil is king for the next few hundred years at the very least. Don't expect battery cars to dominate anytime soon. By 2100 if they can be 10% of auto sales would be a miracle. Supply of lithium is constrained and there is no economic way of extracting it from rocks, only from brine. And in terms of convenience, battery cars cannot compete with oil cars. Takes too long to charge. Battery cars and oil cars were both invented in the 1800s. There is a reason why oil cars dominate and not battery cars.

I disagree, electric cars will be the norm in the next 15-20 years, heck already you see them all over the place.

 

[Yongpeng Sun-Tastaufen]

I disagree, electric cars will be the norm in the next 15-20 years, heck already you see them all over the place.

Not everywhere. Maybe only in California. The vast majority of cars will of course be oil cars for the next 100 years at least.

 

[Elvin]

Not everywhere. Maybe only in California. The vast majority of cars will of course be oil cars for the next 100 years at least.

Again I disagree! Electric car sales in the U.S increased by 81% in 2018 totaling 361,307 units. With this type of growth we can expect that EVs will make up atleast 50% of total car sales per year in the next 10-15 years. In China, nearly 2 million EV's were sold in 2018. As EVs become more affordable, and the dynamic shift by every large car company to electric vehicles and with it the massive infrastructure to sustain this push, it is a no brainer.

 

[Yongpeng Sun-Tastaufen]

Again I disagree! Electric car sales in the U.S increased by 81% in 2018 totaling 361,307 units. With this type of growth we can expect that EVs will make up atleast 50% of total car sales per year in the next 10-15 years. In China, nearly 2 million EV's were sold in 2018. As EVs become more affordable, and the dynamic shift by every large car company to electric vehicles and with it the massive infrastructure to sustain this push, it is a no brainer.

Electric car sales in the US is not even 1% of total sales. The constraint is in lithium supply. Also because of inconvenience in charging. Only the very rich drive battery cars. They have oil sports cars too.

 

[Elvin]

Electric car sales in the US is not even 1% of total sales. The constraint is in lithium supply. Also because of inconvenience in charging. Only the very rich drive battery cars. They have oil sports cars too.

Let's wait and see !!

 

[Yongpeng Sun-Tastaufen]

Let's wait and see !!

There will always be oil cars, even hundreds of years from today. Oil is plentiful in the solar system. Batteries take too long to charge to be convenient.

This Tiny Moon Has More Oil & Gas Than Earth

https://oilprice.com/Energy/Energy-General/This-Tiny-Moon-Has-More-Oil-Gas-Than-Earth.html