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January 16, 2013

United States continuing oil boom

The most recent estimate for US daily crude oil production for the week ended Jan 1, 2013 was 7.041 million bpd.

The more precise October, 2012 monthly results were 211,434,000 crude oil barrels produced in the US in the month of October. This value means 6.82 million barrels per day in October, 2012. The weekly crude oil production estimates for October were averaging 6.62 million barrels per day.

September monthly results were also higher than the early estimates.

Winter weather contributed to lower oil production from North Dakota in November. However, overall US production still went up in November and December and is still going up in January. Texas or some other state is contributing to the increased production.

The 7.04 to 7.3 million bpd range of crude oil production was last seen in 1992.



The Texas oil commissioner had talked about being able to reach 4 million bpd in crude oil production by 2016

Rigzone indicates that California could be the next state to have a renewed oil boom.

California is sitting on a potential second resurgence of its oil patch that it might be able to fix the state budget deficit and sharply cut unemployment. The state contains more than 400 billion barrels of original-oil-in-place, estimated to hold 15.42 billion barrels, or 64 percent, of the total shale play that is currently residing in the United States.


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