{"id":47253,"date":"2018-07-09T07:00:32","date_gmt":"2018-07-09T11:00:32","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=47253"},"modified":"2018-07-06T17:52:39","modified_gmt":"2018-07-06T21:52:39","slug":"u-s-crude-production-growth-stalled-april","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2018\/07\/u-s-crude-production-growth-stalled-april\/","title":{"rendered":"U.S. Crude Production Growth Stalled In April"},"content":{"rendered":"<p>The Energy Information Administration reported that April crude oil production averaged 10.467 million barrels per day (mmbd), off 2,000 b\/d from March\u2019s all-time record high for the U.S. The small but unexpected decline was due to unplanned maintenance in the Gulf of Mexico (GOM), which reduced production there by 98,000 b\/d. Otherwise, healthy increases were recorded in North Dakota (61,000 b\/d) and Texas + New Mexico (55,000 b\/d).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/quotes.ino.com\/img\/sites\/ino\/email\/9770.jpg\" width=\"640\" height=\"385\" alt=\"LLLL\" class=\"aligncenter size-full\" \/><\/p>\n<p>The EIA-914 Petroleum Supply Monthly (PSM) figure was 115,000 b\/d lower than the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR), averaged over the month, of 10.582 mmbd. EIA\u2019s most recent weekly estimate for the week ending June 22nd was 10.900 mmbd.<!--more--><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/quotes.ino.com\/img\/sites\/ino\/email\/9771.jpg\" width=\"673\" height=\"2290\" alt=\"U.S. Crude Production Growth\" class=\"aligncenter size-full\" \/><\/p>\n<p>The April figure was nonetheless a year-over-year gain of 1.318 mmbd. And the EIA Drilling Production Report estimates a 141,000 b\/d gain for July.<\/p>\n<p>Looking further ahead, the EIA is projecting December 2018 output to rise to 11.450 mmbd, up 1.42 mmbd from December 2017. Also, EIA projects that other supply (liquids) will rise to 6.93 mmbd, up 640,000 b\/d from last December, for a total gain of 2.06 mmbd.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/quotes.ino.com\/img\/sites\/ino\/email\/9772.jpg\" width=\"640\" height=\"385\" alt=\"U.S. Crude Production Growth\" class=\"aligncenter size-full\" \/><\/p>\n<p>The biggest concern about realizing these forecasts is infrastructure constraints in the Permian Basin. The recent slowdown in oil rigs being added appears to justify that concern.<\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Conclusions<\/h2>\n<p>The annual rise in U.S. production of crude and liquids of about 2.0 mmbd is larger than the predicted growth in world demand. The real question is whether the OPEC+ production increases can make-up for further potential losses in Venezuela and Iran, as well as Libya and Angola.<\/p>\n<p>Check back to see my next post!<\/p>\n<p>Best,<br \/>\n<a href=\"http:\/\/www.ino.com\/blog\/meet-ino-com-contributor-robert-boslego\/\" target=\"_blank\">Robert Boslego<\/a><br \/>\nINO.com Contributor - Energies<\/p>\n<p><span style=\"font-size: 12px; font-style: italic;\">Disclosure: This contributor does not own any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Energy Information Administration reported that April crude oil production averaged 10.467 million barrels per day (mmbd), off 2,000 b\/d from March\u2019s all-time record high for the U.S. The small but unexpected decline was due to unplanned maintenance in the Gulf of Mexico (GOM), which reduced production there by 98,000 b\/d. Otherwise, healthy increases were [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":27,"featured_media":47254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[28,7773,8479,8457,7224,9432,9193],"class_list":["post-47253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-crude-oil","tag-crude-oil-prices","tag-crude-oil-production","tag-robert-boslego","tag-the-energy-information-administration-eia","tag-u-s-crude-oil-production","tag-u-s-rig-counts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Crude Production Growth Stalled In April - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"The Energy Information Administration reported that April crude oil production averaged 10.467 million barrels per day, off 2,000 b\/d from March\u2019s all-time record high for the U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2018\/07\/u-s-crude-production-growth-stalled-april\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Crude Production Growth Stalled In April - 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