North Dakota Will Out-Produce Venezuela By The End Of This Summer -- June 17, 2018

This is why the blog is important to me.

Ten years ago I would not have been able to put "one million bopd" in perspective.

But now I can:

• Saudi Arabia, Putinstan, and the US each produce about 10 million bopd.
• the Bakken produces just a bit more than one million bopd, and could go to 1.2 million bopd by this summer.
• now it is being reported that Venezuela's oil production may plunge to as little as one million bopd as early as this year; it's already below 1.4 million bopd
• the Permian already produces more oil per day than Venezuela

So, that's what a million bopd means.

On a side note: Bernie Sanders advocates the Venezuela model of government.

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For Newbies

All things being equal (and they are not), the price of WTI will drop as the dollar gets stronger. The US dollar gets stronger when the "Fed" raises rates. Right now, 10:31 p.m. CDT, crude oil futures show crude oil down almost 2%; down another $1.28, trading below $64, now trading at $63.78.

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For All That Angst ...

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