Big Hit For U.S. Oil Production In January
U.S. crude oil production fell at least 135,000 barrels of oil per day in January 2015 compared to December 2014 according to the EIA (Figure 1).
Figure 1. U.S. crude oil production. Source: EIA and Labyrinth Consulting Services, Inc.
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Related: Latest EIA Predictions Should Be Taken With More Than A Pinch Of Salt
Bakken Shale production fell the most of any play or jurisdiction losing 37,000 barrels per day in North Dakota and 4,000 barrels per day in Montana for a total of 41,000 barrels of oil per day (Figure 2). Production in California, the offshore Gulf of Mexico, Alaska and Wyoming also declined significantly.
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Figure 2. January 2015 production changes by jurisdiction. Source: EIA and Labyrinth Consulting Services, Inc.
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Figure 3 shows Bakken production based on DrillingInfo data. The 42,000 barrels of oil per day drop in January production is completely consistent with EIA data differing by only 1,000 barrels per day.
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