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14th May 2022

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Monthly US Crude Oil Production

The Energy Information Administration reported that crude oil production declined 21,000 barrels per day in January, averaging 11,080 mmbd. This follows a drop of 67,000 b / d in December.

Crude oil production declined in North Dakota (45,000 b / d), Oklahoma (11,000) and the US Gulf Coast (11,000). However, production in Texas increased by 25,000 b / d.

Given the huge drop in May, production has decreased by 1.675 mmb / d over the past 12 months. That number only includes crude oil.

Production increases from year to year

The EIA-914 Petroleum Supply Monthly (PSM) was 125,000 barrels per day above the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR).

Raw production figures

The value of 914 was about 140,000 above the estimate of 10,940 mmbd for that month in the March short-term outlook. This difference is sufficient to trigger a “vinechmarking” of the EIA model in future production stages at this point in time.

The EIA predicts that crude oil production will be 11.54mmbd out of the year in 2021. And for 2022 an exit is projected at 12.50mmbd.

Actual and forecast crude oil production

Oil rigs have grown steadily and the May WTI contract has rebounded to just under $ 60 / barrel.

Oil price chart


The unprecedented Oil price The 2020 collapse has been completely erased and US crude oil production has responded. It seems that EIA forecasts for low growth in 2021 and 2022 may be overly pessimistic.

Look back to see my next post!

Robert Boslego Contributor – Powers

Disclosure: This contributor does not own any of the stocks mentioned in this article. This article represents the opinion of the contributor himself. This is a matter of opinion provided for general informational purposes only and is not intended as investment advice. This contributor will not receive any compensation (other than from for their opinion.

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