US crude oil production
The EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report on September 13. It reported that US crude oil production rose by 572,000 bpd (barrels per day) to 9,353,000 bpd from September 1 to 8. Production rose last week due to the rise in crude oil production in the lower 48 states of the United States.
Production rose 6.5% week-over-week and 860,000 bpd or 10% year-over-year. High production weighed on US crude oil (UWT)(DWT)(IEZ) prices. Consequently, US crude oil futures are down 13.7% YTD (year-to-date).
Lower crude oil (XES)(IXC) prices have a negative impact on oil and gas producers such as Matador Resources (MTDR), Comstock Resources (CRK), and Continental Resources (CLR). For details on monthly US crude oil production, see US Crude Oil Production Hit a 5-Month Low.
US crude oil production’s peaks and lows
US crude oil production hit 8.4 MMbpd in July 2016—its lowest level since May 2014. It hit a peak of 9.6 MMbpd (million barrels per day) in June 2015.
US crude oil production estimates
The EIA released its “Short-Term Energy Outlook” report on September 12. It estimates that US crude oil production could average 9.25 MMbpd in 2017—1% or 100,000 bpd lower than previous estimates.
The EIA also estimates that US crude oil production could average 9.84 MMbpd in 2018—0.7% or 60,000 bpd lower than the previous estimates. Production averaged 8.9 MMbpd in 2016 and 9.4 MMbpd in 2015.