- the cut was not a cut at all; OPEC is producing more than they did before the surge;
- several countries were exempt from the cut and produced more than expected;
- Saudi failed to cut exports to the US; rather, Saudi simply flooded the US with oil from their storage tanks (Saudi production was down -- wink, wink -- but their exports were not); and,
- OPEC underestimated US shale producers' ability to ramp up production.
Back in the US, the energy road to California is a harsh one. FERC is reporting that SoCal's summer electricity grid may come up short. Apparently intermittent energy is no replacement for nuclear energy and natural gas plants.
It appears we can, in fact, drill our way to lower gasoline prices; WTI drops below $45 following huge increase in US crude oil production (i.e., more drilling).
Perhaps the top story this past week regarding the Bakken: North Dakota crude oil production increased 2.4%, staying above 1 million bopd, surprising analysts. That story, led, of course, to the other big story carried in The WSJ as well as several other media outlets: the Bakken is back!
Active rigs jumped to 57 in North Dakota this past week, more than twice what it was one year ago
A most interesting CLR Hendrickson well
A most interesting Whiting/KOG Koala Wold well
Having not heard from Zavanna in a long time, the company has two new permits
Production in Squaw Creek (North Dakota Bakken) jumped 141% month-over-month
Production ranking in the Bakken at these posts: greatest increase month-over-month; top producing fields in the Bakken; top Bakken oil fields based on oil production / well
Random update of fracking / completion solutions in the Bakken
Random look at re-fracks in the Bakken
Judge orders additional environmental analysis of DAPL
Triangle USA emerges from bankruptcy under a new name: Nine Point Energy
Williams County Public School District 8 breaks ground for new middle school
US beef could be back in China by the end of the summer
Legacy fund update