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According to new data released yesterday by the Energy Information Administration, US crude oil production last week increased to 9.43 million barrels per day, the highest output in two years going back to July 2015. There have only been ten previous weeks, all during the May to July 2015 period, that US crude oil production was higher than last week (based on EIA’s weekly oil output data that starts in 1983). At the current rate of production increases, US oil output could surpass the most recent post-shale revolution weekly peak of 9.61 million barrels per day set in June 2015 by mid-September of this year. Further increases could bring US oil production above 10 million barrels per day by February of next year for the first time since late 1970 (on a monthly basis, record US crude oil production was slightly above 10 million barrels per day in both October and November of 1970).
Peak what?
Carpe oleum.
Chart of the day on US crude oil production.
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