The Bakken and North Dakota production data for October is out. The Numbers a little surprising.
Bakken production was up 7,520 barrels per day to 1,113,930 bpd while all North Dakota was up 6,787 bpd to 1,168,950 bpd.
EIA Says Shale Continues to Decline
The EIA’s Drilling Productivity Report has US shale oil on a steep decline. The below shale oil production charts are the EIA’s estimate of what shale production will look like through January 2016. Keep in mind this is the EIA’s estimate and not hard production numbers.
The big drops here are Eagle Ford, Bakken and Niobrara. They have the Permian still increasing in production. An expected drop of 116,000 barrels per day drop in January is very significant.
They have the Bakken in a continual decline after July. It is important to note that the EIA’s Drilling Productivity Report has the Bakken decline, July thrugh September, very close to what the North Dakota Industrial Commission has. So it appears that the DPR is getting better with its production estimates.
Oil Forecast From a Reputable Firm
Had to take the post down folks, the reputable firm threatened to sue me. Sorry.
Ron
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Open Thread
The EIA has released their Petroleum Supply Monthly with September production numbers for states and total US. It was pretty much a non event. So I am just releasing this post as an open thread.
The Petroleum Supply Monthly has US production down 20,000 bpd in September. The EIA’s Monthly Energy Review which came out a few days ago with data through October, has US Production down 195,000 bpd in September and down 7,000 bpd in October.
A Surprising Look at Oil Consumption
The EIA publishes oil consumption numbers for all major nations. However they have data for most nations only through 2013. They do have data for some nations through 2014. Nevertheless a lot can be gleaned from just looking at those consumption numbers. If oil consumption numbers are growing year after year, then there is a good chance that nation is growing economically. But if oil consumption numbers are continually declining year after year, then it is more than a little silly to say all is well, economically, with that nation. Or that is my opinion anyway.
First, who’s oil consumption is increasing year after year, or who’s economy is booming? All charts below are consumption as total liquids in thousand barrels per day. Some charts are through 2014 while others are through 2013. Whatever the last year is on the yearly axis is the last year for that data.
Important: All charts are consumption, not production.
No doubt the Middle East is booming. The reason, most of them are oil producers and oil, for most of this chart anyway, the price of oil was increasing. They had lots of income, their consumption was increasing every year as was their economies.