| The Saudi's are not the only ones who have been pushing production... Lower Crude Oil prices will be a stimulant to world growth.
The earlier price spike has pushed shale frackers in the US to increase production as well as the completion of infrastructure.. the US has finally built enough pipelines to put the Shale production on the market.. and US Production has responded
( https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFP... )..
| Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day ) | | |
| Year-Month | Week 1 | Week 2 | Week 3 | Week 4 | Week 5 |
|---|
| End Date | Value | End Date | Value | End Date | Value | End Date | Value | End Date | Value
|
|---|
| 2018-Jan | 01/05 | 9,492 | 01/12 | 9,750 | 01/19 | 9,878 | 01/26 | 9,919 | | | | 2018-Feb | 02/02 | 10,251 | 02/09 | 10,271 | 02/16 | 10,270 | 02/23 | 10,283 | | | | 2018-Mar | 03/02 | 10,369 | 03/09 | 10,381 | 03/16 | 10,407 | 03/23 | 10,433 | 03/30 | 10,460 | | 2018-Apr | 04/06 | 10,525 | 04/13 | 10,540 | 04/20 | 10,586 | 04/27 | 10,619 | | | | 2018-May | 05/04 | 10,703 | 05/11 | 10,723 | 05/18 | 10,725 | 05/25 | 10,769 | | | | 2018-Jun | 06/01 | 10,800 | 06/08 | 10,900 | 06/15 | 10,900 | 06/22 | 10,900 | 06/29 | 10,900 | | 2018-Jul | 07/06 | 10,900 | 07/13 | 11,000 | 07/20 | 11,000 | 07/27 | 10,900 | | | | 2018-Aug | 08/03 | 10,800 | 08/10 | 10,900 | 08/17 | 11,000 | 08/24 | 11,000 | 08/31 | 11,000 | | 2018-Sep | 09/07 | 10,900 | 09/14 | 11,000 | 09/21 | 11,100 | 09/28 | 11,100 | | | | 2018-Oct | 10/05 | 11,200 | 10/12 | 10,900 | 10/19 | 10,900 | 10/26 | 11,200 | | | | 2018-Nov | 11/02 | 11,600 | 11/09 | 11,700 | 11/16 | 11,700
|
These numbers bounce around alot.. and have been revised lower later.. but.. no denying that the trend is higher.
Where does this production go? The Chinese are slowing their purchases.. Although it does not show yet in this data..
( https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCREXCH1&f=M ) | U.S. Exports to China of Crude Oil (Thousand Barrels) | | |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|
| 1996 | | | | | | | | | | | 801 | | | 1997 | 3,379 | | | | | | | 0 | | 1,289 | 801 | | | 1998 | 1,682 | 1,289 | | | 804 | 751 | 765 | | | | | 805 | | 1999 | 1,290 | | | | | | 1,304 | | | | 756 | | | | | 2000 | | | | | | | | 0 | | | | | | 2004 | | | | 805 | | | | | | | | | | | | 2005 | | | | | | | | | | | 296 | | | 2013 | 267 | | | | | | | | | | | | | 2014 | | | | | | | | | | | 288 | | | | | 2015 | | | | 214 | 207 | | | | | | | | | 2016 | | 499 | | 500 | 499 | | 993 | 995 | | 542 | 2,002 | 1,948 | | 2017 | 2,528 | 9,105 | 4,166 | 8,385 | 4,375 | 4,603 | 2,497 | 4,504 | 8,036 | 13,851 | 9,981 | 8,700 | | 2018 | 9,710 | 10,683 | 11,766 | 7,441 | 13,227 | 15,313 | 11,919 | | | | |
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Crude oil?
