Monthly Crude Oil Production Increases Over Monthly 2019 Production For Fifth Month In A Row -- August 1, 2023

Locator: 45268B.

Update, extend the record by one month.

Link here.

I've not seen anyone comment on this, yet.

"US field production of crude oil." Monthly.

This is difficult for me to articulate so I will have to "walk through it" month-by-month, year-by-year.

The EIA reports US crude oil production on a monthly basis.

Prior to the pandemic, in 2019, monthly production was showing record production and climbing month after month.

In 2020, production in

• January exceeded production in January 2019 (one year earlier)
• February exceeded production in February 2019 (one year earlier)
• March exceeded production in February 2019 (one year earlier)

Then, in 2020, production, starting in April, started to drop below production in same months one year earlier. President Trump panicked and shut down the US:

• the worst decline, y/y:
• November, 2019: 13,000
• November, 2020: 11,196

That theme continued through all of 2021: there was not one month in 2021 in which production exceeded production in same month in 2019, two years earlier, before the pandemic.

That theme also continued through all of 2022: there was not one month in 2022 in which production exceeded production in same month in 2019, three years earlier, before the pandemic.

But then, in 2023, this year -- whooo-hooo -- for the first time in four years, the monthly production in May, 2023, exceeded the production in May, 2019:

• May, 2023: 12,662
• May, 2019: 11,734
• an 8% increase

All-time monthly production record, in a 30-day month:

• November, 2019: 13,000.