If you haven’t been paying attention, U.S. crude oil + condensate production reached a peak in 2019 at 12.29 million barrels/day (mb/d) on an annual basis.
The recent USGS announcement about the Wolfcamp play may inspire another round of company presentations to investors, and perhaps even a spurt of new drilling, but it probably won’t much change the overall picture.
Economic predictions about the fracking industry’s potential growth have for the most part gone unquestioned — until now.
A mid-week update. Futures prices in New York and London continue to climb this week and are now up some $4 -5 a barrel since early May.
There has been considerable talk in the US of late about not only future energy exports but even about using an “energy weapon” against Russia. While that might be nice, it’s wishful thinking.