Wednesday, February 28, 2018

Has This Been Posted? US Crude Oil Production Hit Record High In November, 2017 -- Shattered A 47-Year Output Record

From Reuters via Rigzone:
  • US crude oil production shattered a 47-year output record in November; retreated slightly in December
  • oil production from shale continued to upend global supply patterns (memo to self: note to Jane Nielson)
  • oil output rose to 10.057 million bopd in November, a revision from earlier estimates
  • December production fell to 9.949 million bpd (a decrease of 108,000 bopd)
  • November output exceeded the 10.044 million bbls produced in November, 1970
  • only Russia now has a greater daily output
  • the new record is not likely to last; the US government forecasts 11 million bopd later this year
  • the gains are primarily due to production in Texas and North Dakota
Much more at the link.

Pretty much puts another nail in the Hubbert "peak oil" theory, at least as I understand it.

"It's Time For Us To Get On The Same Page As A Country And Get These Pipelines Built" -- Alberta, Canada, Finance Minister

Hope springs eternal.

Data points:
  • stalled Keystone XL may be costing Alberta as much as $400 million in lost royalties during the current fiscal year
  • regardless: Alberta is booming
  • province GDP grew at 4.5% last year, the fastest rate in Canada; and, more than 2.6% it initially projected (can you spell "CBR"?)
  • in 2018, economy forecast to expand 2.8%
Much more at the link.

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