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"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
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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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.