6 Replies to “Oil Production Vital Statistics June 2017”

  1. Very high quality web-site and an excellent post. Two things that stand out to me:
    1. From Figure 5 (Stacked US total rig count), rig total was cut in half in 2015 with most of the drop coming from gas plays. But for the 10 preceding years gas drilling was very high. This suggests a massive over-supply of gas in the US.
    2. From Figure 15 (OPEC spare capacity), OPEC has lost its ability to cut back production even when faced with sustained low oil prices. The only country showing any restraint is Saudi Arabia.
    These 2 graphs alone suggest continuing low oil & gas prices due to over supply.

  3. Well of course, all that means is Peak Oil will get here that much sooner!!! Shocked and appalled!!

  4. I didn’t know Volvo was now a Chinese owned company!
    So much for the snotty attitude I’ve encountered from Volvo owners over the years,the “superior” look given to those of us who drive American or Asian vehicles.

  5. AC … haha ha ha … EXACTLY! thank you Volvo for keeping the highways safer by getting your “safety-obsessed” driver’s out of the left lane at 55mph.
    grok … I pledge to do my part in helping accelerate the achievement of Peak Oil … esp. if OPEC helps keep the price low by over-producing beyond the market needs.

  6. The documented mass transition from drilling shale gas to drilling shale oil is a slippery fish. All shale gas wells produce some liquids and vice versa. So while it may seem a miracle that the US has kept gas production going with under 200 rigs, we need to remember that 750 rigs drilling oil are also producing gas.
    You need to look at the absence of drilling every where else apart from N America and M East. This will eventually show up as a new round of oil scarcity with a new price spike beginning 2019 is my best guess.

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