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U.S. Production Finally Starting To Drop Significantly

The EIA’s Petroleum Supply Monthly is just out with production numbers, through August, for each state and offshore territories. The EIA’s Monthly Energy Review is also out. This publication has U.S. production data through September but not for individual states.

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The Petroleum Supply Monthly June 15 production numbers were revised down considerably this month. And you can see they had a drop of 169,000 bpd in September. I think there will likely be an even larger drop in October. At any rate U.S. production is finally starting to drop significantly.

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The Gulf of Mexico is the one place that is bucking the trend. The GOM was up 146,000 bpd in July and up another 63,000 bpd in August for a total of 209,000 bpd for the two months.

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Texas was down for the fifth straight month.

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North Dakota has been moving sideways but is now below their September 2014 level.

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Alaska is slightly above their August 2014 level but their average annual production will drop by between 25 and 50 thousand bpd this year.

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Oklahoma has dropped 59,000 bpd since March.

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New Mexico which holds part of the Permian recovered slightly in August.

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Montana, which holds part of the Bakken, has been in a downward trend since March.

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Wyoming had been bucking the trend but now looks like it has succumbed to low oil prices also.

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The Baker Hughes Rig Count

By Ron Patterson

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