Focus On Fracking -- US Oil Production At 40-Month High -- August 13, 2023

Locator: 45453FRACK.

Link here.

The subject title and lede:

US oil production at ​a 40 month high; record drop in US oil exports; global oil supply was 1,260,000 bpd short in July. 

US oil production at a post-pandemic high; record drop in US oil exports, first Strategic Petroleum Reserve increase in 37 months; gasoline supplies at an eight month low; global oil supply was 1,260,000 barrels per day short in July as OPEC output was 781,000 barrels per day below their lowered targets.

US oil production at a 40-month high? Time to review Hubbert's peak theory.

The SPR:

This week's 978,000 barrel per day increase in our overall crude oil inventories came as an average of 836,000 barrels per day were being added to our commercially available stocks of crude oil, while an average of 140,000 barrels per day were being added to the oil in our Strategic Petroleum Reserve, the first increase in the SPR since July 10th, 2020 .... 

..... however, except for the past four weeks, the 347,754,000 barrels of oil that still remain in our Strategic Petroleum Reserve would still be the lowest since August 19th, 1983, as repeated tapping of our emergency oil supplies for non-emergencies or to pay for other programs had already drained those supplies considerably over the past dozen years, even before the Biden administration's big SPR ​withdrawals of last year. However, those Biden administration withdrawals amounted to about 42% of what was left in the SPR when they took office, and that left us with what is now less than a 18 day supply of oil at the current consumption rate.