par energy_isere » 03 oct. 2024, 23:48
When Will USA Crude Oil Production Peak?
by Andreas Exarheas|Rigzone Staff | Wednesday, October 02, 2024
James Davis, the Director of Short-Term Global Oil Service & Head of Upstream Oil at FGE, revealed to Rigzone that FGE expects U.S. crude oil production to peak at “around 14 to 14.2 million barrels per day”.
“We believe crude oil production in the U.S. is nearing its peak now, but the actual peak level may not be seen until another major upwards price cycle, perhaps later this decade,” Davis told Rigzone.
In its latest short term energy outlook (STEO), which was released earlier this month, the U.S. Energy Information Administration (EIA) forecast that U.S. crude oil production, including lease condensate, would average 13.25 million barrels per day in 2024 and 13.67 million barrels per day in 2025. The September STEO put total U.S. crude oil production at 12.93 million barrels per day last year.
The 2024 projection in the EIA’s latest STEO marked a slight increase compared to its previous August STEO, where the EIA forecast that U.S. crude oil production would average 13.23 million barrels per day this year. The 2025 projection in the EIA’s September STEO marked a slight decrease compared to the 2025 projection in the EIA’s August STEO, however. The August STEO put U.S. crude oil production at 13.69 million barrels per day in 2025.
According to data on the EIA website, which shows yearly U.S. field production of crude oil from the 1850s to 2023 and was last updated on September 30, U.S. field production of crude oil has never seen a yearly average of 13 million barrels per day or above. The closest it came was in 2023, when it averaged 12.935 million barrels per day, the data outlined.
The second highest yearly average of U.S. field production of crude oil was seen in 2019, at 12.314 million barrels per day, and the third highest yearly average was seen in 2022, at 11.992 million barrels per day, the data showed.
Data on the EIA website showing monthly U.S. field production of crude oil from January 1920 to July 2024, which was also last updated on September 30, outlined that U.S. field production of crude oil has averaged 13 million barrels per day or more in a month on 11 occasions.
December 2023 saw the highest monthly U.S. field production of crude oil in the dataset, at 13.308 million barrels per day. The second highest figure was seen in November 2023, at 13.281 million barrels per day, and the third highest figure was seen in April 2024, at 13.249 million barrels per day, according to the data.
In its latest statistical review of world energy, which was released back in June this year, the Energy Institute (EI) showed that U.S. crude oil and condensate production came in at 12.927 million barrels per day in 2023.
That figure marked an 8.5 percent year on year increase and 15.6 percent of global crude oil and condensate production in 2023, according to the review, which outlined that, from 2013 to 2023, U.S. crude oil and condensate production has grown by an average of 5.6 percent year on year.
According to its website, FGE provides “leading and independent fundamental analysis, insights, data and consultation on the oil, natural gas, LNG, NGLs and new energy markets to a large and diverse client base around the world”.
The EIA describes itself as the statistical and analytical agency within the U.S. Department of Energy. It collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment, its site notes.
The EI describes itself as the chartered professional membership body for people who work across the world of energy. It states on its site that its purpose is “creating a better energy future for our members and society by accelerating a just global energy transition to net zero”.
https://www.rigzone.com/news/when_will_ ... 0-article/
[quote] [b][size=120]When Will USA Crude Oil Production Peak?[/size][/b]
by Andreas Exarheas|Rigzone Staff | Wednesday, October 02, 2024
James Davis, the Director of Short-Term Global Oil Service & Head of Upstream Oil at FGE, revealed to Rigzone that FGE expects U.S. crude oil production to peak at “around 14 to 14.2 million barrels per day”.
“We believe crude oil production in the U.S. is nearing its peak now, but the actual peak level may not be seen until another major upwards price cycle, perhaps later this decade,” Davis told Rigzone.
In its latest short term energy outlook (STEO), which was released earlier this month, the U.S. Energy Information Administration (EIA) forecast that U.S. crude oil production, including lease condensate, would average 13.25 million barrels per day in 2024 and 13.67 million barrels per day in 2025. The September STEO put total U.S. crude oil production at 12.93 million barrels per day last year.
The 2024 projection in the EIA’s latest STEO marked a slight increase compared to its previous August STEO, where the EIA forecast that U.S. crude oil production would average 13.23 million barrels per day this year. The 2025 projection in the EIA’s September STEO marked a slight decrease compared to the 2025 projection in the EIA’s August STEO, however. The August STEO put U.S. crude oil production at 13.69 million barrels per day in 2025.
According to data on the EIA website, which shows yearly U.S. field production of crude oil from the 1850s to 2023 and was last updated on September 30, U.S. field production of crude oil has never seen a yearly average of 13 million barrels per day or above. The closest it came was in 2023, when it averaged 12.935 million barrels per day, the data outlined.
The second highest yearly average of U.S. field production of crude oil was seen in 2019, at 12.314 million barrels per day, and the third highest yearly average was seen in 2022, at 11.992 million barrels per day, the data showed.
Data on the EIA website showing monthly U.S. field production of crude oil from January 1920 to July 2024, which was also last updated on September 30, outlined that U.S. field production of crude oil has averaged 13 million barrels per day or more in a month on 11 occasions.
December 2023 saw the highest monthly U.S. field production of crude oil in the dataset, at 13.308 million barrels per day. The second highest figure was seen in November 2023, at 13.281 million barrels per day, and the third highest figure was seen in April 2024, at 13.249 million barrels per day, according to the data.
In its latest statistical review of world energy, which was released back in June this year, the Energy Institute (EI) showed that U.S. crude oil and condensate production came in at 12.927 million barrels per day in 2023.
That figure marked an 8.5 percent year on year increase and 15.6 percent of global crude oil and condensate production in 2023, according to the review, which outlined that, from 2013 to 2023, U.S. crude oil and condensate production has grown by an average of 5.6 percent year on year.
According to its website, FGE provides “leading and independent fundamental analysis, insights, data and consultation on the oil, natural gas, LNG, NGLs and new energy markets to a large and diverse client base around the world”.
The EIA describes itself as the statistical and analytical agency within the U.S. Department of Energy. It collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment, its site notes.
The EI describes itself as the chartered professional membership body for people who work across the world of energy. It states on its site that its purpose is “creating a better energy future for our members and society by accelerating a just global energy transition to net zero”.
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https://www.rigzone.com/news/when_will_usa_crude_oil_production_peak-02-oct-2024-178290-article/