Friday, March 10, 2017

Why I Love To Blog -- Reason #56 -- March 10, 2017

Early yesterday I made an off-the-cuff remark suggesting that US shale production was adding 1 - 2 million bopd of crude oil. I did not do any research to come up with that number; I simply made a WAG based on what was being reported on the blog over the past twelve months. Last night an oil analyst for Reuters based in London posted this:
US crude oil production forecasts (link here):
  • last March (2016): 8.29 million bopd
  • December, 2017 (latest EIA forecast): 9.53 million bopd
  • 1.24 million bopd (increase in forecast for US production) 
Wow: Reuters/EIA -- 1.24 million bopd; I suggested 1 - 2 million bopd. Pretty close. And before the year is over, I bet we're closer to 2 million bopd than 1 million bopd. 

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