RE:RE:EIA914Deeply misled???
Not only do they overstate production in that highly watched weekly report which help set the oil price, the size of "adjustment" to make their numbers balance or fudge factor is now crazy or 962,000 bls/d last week. That is over 5% of the total!
They keep talking about U.S. production growth as far as the eye can see and at a high rate while it has been basically flat for the first 7 months of this year.
Their prediction is an insult to intelligence considering what has been mentioned by SLB and HAL regarding completion activity being weak, a continually declining rig count, companies tightening their budgets, facing geological issues and no new technique to improve productivity per well.