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 Stuff  To Think About 
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  Quote Stuff 

 

"Given that oil is priced on an international market, increased domestic oil production will not do much to lower prices for U.S. consumers, as any gains in U.S. production will be spread across the international market. Greater reliance on domestic oil resources in substitution for imports will reduce the vulnerability of the economy to oil supply disruptions, although not by much."

                                                                                                                                                               Council On Foreign Relations 

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It is impossible to grow U.S. tight oil without adding more drilling rigs that in turn, add more well completions. 
The drilling efficiency stuff, where fewer drilling rigs somehow produce more oil, is bunk; rigs just drill holes in the ground. Some holes are longer than others, that creates higher  initial potentials, but they then decline faster. 
If completions keep falling in the Permian look for little to no growth all of 4Q2024.   The EIA suggests July oil production is 25K BOPD less than June, that is because of things that happened IN the field in January and February, earlier in the year. Tight oil production does not grow or fall in real time. 6-8 months of lag time is the real deal. 
 
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