Saturday , 8 February 2025
Home Forex US oil output fell 6% in January — EIA
Forex

US oil output fell 6% in January — EIA

I don’t think this will come as a surprise to the oil market — which is closed today — but the EIA says the US crude production fell to 12.533 mbpd in January, a drop of 6% from December.

A good portion of that was due to cold weather freezeoffs but it also highlights producer discipline. Texas production fell 5% while in North Dakota it fell 13%.

That will likely bounce back in February but there is tentative evidence that the breakneck pace of 2022-23 production growth is done. If so, that should allow OPEC to slowly bring back barrels starting in H2.

Here’s a good chart to illustrate the shale treadmill.

This article was written by Adam Button at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Forexlive Americas FX news wrap 7 Feb: US jobs remains solid.Inflation expectations rise

Major US stock indices close sharply lower.US consumer credit for December $40.85B...

Major US stock indices close sharply lower.

The major US stock indices are closing sharply lower for the day....

For the trading week, the USD is ending mostly lower.

The USD moved sharply higher at the start of the week on...

US consumer credit for December $40.85B vs $12.35B estimate

Prior month -$7.49 B revised to -$5.37%US consumer credit for December came...