U.S. oil production has slowed in recent months, and is currently on a trend that would see it declining within a year.
The Hess Corp. Stampede tension leg oil platform, towed from Kiewit Offshore Services Ltd., sails past in this aerial photograph taken above Ingleside, Texas, U.S., on Friday, May 5, 2017. The Stampede deepwater oil and gas field is one of the largest undeveloped fields in the Gulf of Mexico, sitting 115 miles south of Fourchon, Louisiana. Photographer: Eddie Seal/BloombergOne of the most important questions in the global oil markets revolves around U.S. oil production.
Thus, I thought today it might be instructive to look at the trends in total U.S. oil production. Note that in the previous graphic, it looks like production may be starting to turn down right at the end of the time frame. In fact, the Energy Information Administration has reported a slight downward trend in U.S. oil production since May. The key question is whether this is an anomaly, or the beginning of a sustained trend.
It's hard to say whether the current decline will be permanent. Note that there was a similar decline that began in 2015, but that reversed direction in 2017 as oil prices recovered from the $30/bbl level back up to over $50/bbl.
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