Daily Energy Report
US crude production down, OPEC+ production data, Oil forecasts cut again, US oil co. payments to gov’ts, UK kills coal, CA plastics nonsense, German economy stagnant, and more.
Chart of the Day: US Crude Oil Production Declined in July
Summary
The US EIA released July crude oil production data this morning. It shows that US crude production declined MoM by 25 kb/d to 13.205 mb/d. However, it increased YoY by 270 kb/d. This is low growth relative to that of last year. Figure (1) is an updated chart showing trends in US crude oil production. US crude production remains near record a high, but if the declining trend continues, it will go below the 2023 production levels soon.