{"id":24483,"date":"2017-07-17T17:00:54","date_gmt":"2017-07-17T22:00:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24483"},"modified":"2017-07-17T17:00:54","modified_gmt":"2017-07-17T22:00:54","slug":"us-shale-production-just-hit-a-new-all-time-high","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24483","title":{"rendered":"US Shale Production Just Hit A New All Time High"},"content":{"rendered":"

US Shale Production Just Hit A New All Time High<\/a><\/h3>\n
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One month ago, we reported <\/a>that based on recent data<\/a>, June oil output from shale producers would post the first double-digit production growth since July of 2015, when oil prices tumbled and a substantial portion of US production was briefly taken offline. While the final data has yet to be tabulated, it is safe to say that this is now the case.<\/p>\n

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Indicatively, while over the past year total U.S. production was up roughly 525kb\/d, virtually all of it, or 98.5%, was the result of horizontal rig production in the Permian Basin, where output rose by just over half a million barrels per day.<\/p>\n

The Permian basin has been leading the increase in horizontal oil rig count (+184%)<\/em><\/p>\n

<\/a><\/p>\n

Also of note is that while US rig shows not signs of slowing yet, in its latest Weekly Oil Rig Monitor, Goldman predicted that $45\/bbl is the price below which shale output would finally slow, although that price may also prove a substantial hurdle for many gulf budgets, whose all in cost of production – including mandatory and discretionary government outlays – is roughly the same if not higher.<\/p>\n

Rig count (lhs), WTI spot prices (rhs, $\/bbl, 3-mo lag)<\/em><\/p>\n

<\/a><\/p>\n

But what is more notable, is that according to the June EIA Drilling Prodctivity Report forecast, in July total shale (note: not total) <\/em>basin output would rise by 127kb\/d from May’s 5.348mmb\/d, and hit 5.475 mmb\/d, surpassing the previous record of 5.46 mmb\/d reached in March 2015. Today the EIA released its latest Drilling Productivity Report<\/a>, and while the number is not official just yet, it is safe to say that as of July, the total US shale basin is producing a record amount of crude oil, which the EIA pegged at 5.472mmb\/d, up almost exactly as predicted, and is expected to rise by a further 113kb\/d in August to a new all time high of 5.585mmb\/d.<\/strong><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

US Shale Production Just Hit A New All Time High One month ago, we reported that based on recent data, June oil output from shale producers would post the first double-digit production growth since July of 2015, when oil prices tumbled and a substantial portion of US production was briefly taken offline. While the final […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,3640,723,846,4318],"class_list":["post-24483","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-permian-basin","tag-shale-oil","tag-us-shale-oil","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24483"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24483\/revisions"}],"predecessor-version":[{"id":24484,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24483\/revisions\/24484"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}