The Magic Number: 13.1 Million BOPD US Production -- May 9, 2023

Locator: 44608WTI.  

Excellent update US: crude oil production and demand. Link here.

If I could recommend only one article today, this would be it, although it's really nothing more than a re-writing of the EIA weekly petroleum report.

Data points:

• production
• increased by 100,000 b/d
• for week ending March 17, 2023: 12.3 million bopd produed
• this matched the 2023 peak and the production pinnacle since early 2020 (Trump lockdown: March, 2020)
• in March, 2020: a record 13.1 million bopd production
• the 12.3 million bopd just reported far exceeds the year-earlier 11.6 million bopd
• demand:
• for same week, demand increased 5% w/w
• crude exports declined modestly
• --> SPR increased by 1.1 million bbls w/w
• at 481.2 million bbls, SPR was 8% above the five-year average
• tell me again why we need to think about re-filling the SPR