US Crude Oil Production Reached a Record High in August, But What About Shale? A Short Note.
Shocker: The increase in US production is NOT bearish! (with 3 charts)
Cheers from Abu Dhabi. I will spend this week at ADIPEC, where most of the world’s who’s who in energy are attending. While the main focus is AI, other hot topics such as LNG, trade wars, tariffs, and sanctions will also dominate discussions. Based on comments from CEOs of oil majors in recent days, they will focus on debunking bearish sentiment in the oil market, emphasizing that global oil demand is higher than what the oil bears and the IEA are saying. I will keep you updated.
The US EIA released August data yesterday. While US crude oil production increased to a record high in August, the EIA revised up June and July production numbers significantly; the data shows no growth in the shale patch! Details and discussion below.
Related: US Weekly Oil Data