Essentially, OPEC has killed off the U.S. shale industry, which was predicted last year. See the OPEC category for further articles on Saudi Arabia’s economic warfare scheme against the United States.
There is new data out today. The EIA published their International Petroleum Statistics yesterday. The EIA also published their Drilling Productivity Report which gave their expected shale oil and gas production through September. Then this morning OPEC published their Monthly Oil Marketing Report with OPEC crude only production numbers through July.
First the Drilling Productivity Report. Of course most of the Drilling Productivity Report is projection, not history. And that projection goes through September 2015.
The EIA has the Bakken peaking in December and declining 107 thousand barrels per day since that point. A secondary peak was reached in April and declining steadily since then.
The EIA has Eagle Ford peaking in March and declining 226 thousand barrels per day since that point.
The EIA has Niobrara peaking in March, almost flat for one month then declining sharply after that for a total decline of 75 thousand barrels per day after that.
The Permian was the only major shale area with no decline so far. The EIA has the Permian up 29 thousand barrels per day since the rest of the field, combined, peaked in April.
The OPEC increase has all been the Saudi and Iraq show. From January thru July OPEC 12 was up 1,355,000 bpd. During that same period Saudi and Iraq was up 1,384,000 bpd.
Iranian production is creeping up. They are now just short of 200,000 barrels per day above their low of 2,665,000 bpd of October 2012. Their output now stands at 2,861,000 barrels per day.
Full article: US Shale Declining And OPEC Still Climbing (OilPrice)