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.