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US crude output to rise to record 12.76 million bpd in 2023
Posted on 8/10/23 at 2:54 pm
Posted on 8/10/23 at 2:54 pm
quote:
NEW YORK, Aug 8 (Reuters) - U.S. crude oil production is expected to rise by 850,000 barrels per day to record 12.76 million bpd in 2023, according to a monthly report from the Energy Information Administration on Tuesday.
Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024, EIA data showed.
The last record output was 12.3 million bpd in 2019, before the COVID-19 pandemic crushed demand and prices, and drillers were hit by higher costs that squeezed profit margins and investor demands to limit spending.
quote:
In the natural gas market, U.S. production and demand will rise to record highs in 2023, the EIA said in the same monthly report.
It projected that dry gas production will rise to 103 billion cubic feet per day (bcfd) in 2023 and 104.12 bcfd in 2024 from a record 98.13 bcfd in 2022.
Reuters
23
Posted on 8/10/23 at 2:57 pm to Green Chili Tiger
It takes a lot of crude and NG to charge all the EVs on the market.
Posted on 8/10/23 at 2:58 pm to Green Chili Tiger
Big oil making profits is evil
-Decatur, hank, the devil, etc
-Decatur, hank, the devil, etc
Posted on 8/10/23 at 3:04 pm to Green Chili Tiger
It’s truly amazing that Trump lists energy independence as one of his accomplishments. He stood aside and watched SA bankrupt the US energy industry. There is not a single publicly traded US energy company that went up in stock price under his watch (even pre-Covid). Exxon went down by almost 50%. Anyone who invests in stocks know his term was brutal for the US. Yes there was cheap gas, but it was all from SA and it was a deliberate attempt to destroy the competition. It worked, and Trump did nothing. He claimed he begged them to lower production. He supposedly gave them weapons to keep prices here low, but he did nothing to save the 600+ US energy companies that went out of business.
This post was edited on 8/10/23 at 3:05 pm
Posted on 8/10/23 at 3:40 pm to Green Chili Tiger
Record is 13.1 mmbpd from early 2020. Production was cut at that point due to pandemic.
Rig count has been falling since Dec 2022. I doubt we make it to 13.1 this cycle.
Rig count has been falling since Dec 2022. I doubt we make it to 13.1 this cycle.
Posted on 8/10/23 at 3:42 pm to Motownsix
quote:
It’s truly amazing that Trump lists energy independence as one of his accomplishments. He stood aside and watched SA bankrupt the US energy industry. There is not a single publicly traded US energy company that went up in stock price under his watch (even pre-Covid). Exxon went down by almost 50%. Anyone who invests in stocks know his term was brutal for the US. Yes there was cheap gas, but it was all from SA and it was a deliberate attempt to destroy the competition. It worked, and Trump did nothing. He claimed he begged them to lower production. He supposedly gave them weapons to keep prices here low, but he did nothing to save the 600+ US energy companies that went out of business.
SA and Russia said hold my beer during lockdowns and a plandemic.
Trump should've done everything he could to prevent lockdowns, so I'll give you that.
Posted on 8/10/23 at 3:43 pm to Green Chili Tiger
Yet we have a democrat president….
How is this possible?
How is this possible?
Posted on 8/10/23 at 3:44 pm to Motownsix
quote:
It’s truly amazing that Trump lists energy independence as one of his accomplishments. He stood aside and watched SA bankrupt the US energy industry. There is not a single publicly traded US energy company that went up in stock price under his watch (even pre-Covid). Exxon went down by almost 50%. Anyone who invests in stocks know his term was brutal for the US. Yes there was cheap gas, but it was all from SA and it was a deliberate attempt to destroy the competition. It worked, and Trump did nothing. He claimed he begged them to lower production. He supposedly gave them weapons to keep prices here low, but he did nothing to save the 600+ US energy companies that went out of business.
Are there links for all of this?
Posted on 8/10/23 at 3:47 pm to Motownsix
lies
Posted on 8/10/23 at 4:01 pm to POTUS2024
Posted on 8/10/23 at 4:06 pm to tigersmanager
Posted on 8/10/23 at 4:16 pm to Green Chili Tiger
It could be more. What is your point? that biden is a failure?
Posted on 8/10/23 at 4:35 pm to Green Chili Tiger
quote:
Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024, EIA data showed.
Good, keep ramping up US domestic energy production, open the spigots.
Posted on 8/10/23 at 4:37 pm to ProbyOne
quote:
Rig count has been falling since Dec 2022.
Rig count is for capex, exploration for new production. It has very little to do with oil production on existing wells.
Posted on 8/10/23 at 4:38 pm to Green Chili Tiger
quote:
Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024
Cool....now only if we could refine it
Posted on 8/10/23 at 4:58 pm to Joeybd
If you lag rig count by the appropriate time then you get a pretty good feel for what production will be in the future.
Posted on 8/10/23 at 4:59 pm to Joeybd
Poli board probably isnt the audience for modeling decline curves and all that goes with it
Posted on 8/10/23 at 5:09 pm to Green Chili Tiger
That can’t be true
Biden killed the oil industry
Trump said so
Biden killed the oil industry
Trump said so
Posted on 8/10/23 at 5:32 pm to Bass Tiger
quote:
Good, keep ramping up US domestic energy production, open the spigots. ?
Will this admin replenish the strategic oil reserve with this new production? They were quick to release the reserves to combat rising pump prices.
Posted on 8/10/23 at 5:46 pm to Tmcgin
quote:
That can’t be true Biden killed the oil industry Trump said so
Biden actually said he was going to kill the Fossil Fuel industry and hold them accountable for destroying the climate.
Yet he’s allowing oil production to continue, and ever so surprisingly, increase going into election season.
That can’t be true. Biden said so.
We can do this as long as you want
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