Thursday, August 6, 2026

U.S. Crude Production Drops in 2016 Despite Permian, GOM Growth – EIA

Highest ever GOM production last year Total U.S. crude oil production in 2016 was less than production in 2015, despite the upturn late in the year, according to a note released by the EIA today. Through the first three quarters of 2016 U.S. production decreased, bottoming out in September. In January the U.S. produced about 9.2 MMBOPD, while in September

OPEC oil prices

OPEC Paints Itself into a Corner

OPEC may extend production cuts as U.S. production rollover adds to inventory WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news of possible cuts, and it’s mostly the fault of U.S. shale producers. The U.S. crude oil benchmark is down from