RE:US Oil Production set record for 2023 despite slowing growthIt just dawned on me , smallcaptdr is really Mike McGlone . I'll be here at the end of the year and the price will be the price , quoting the EIA won't make it so .
smallcaptdr wrote: Just Out, The US is going to set a record for Oil production in 2023 despite slowing growth. Now, this is proof that all the Rig activity is ending up with excessive production, and let's not forget that with all the Oil wells producing that NG is a byproduct and this will be added onto all the NG wells that have come on line this year setting record amounts of NG being produced at the same time.
Oil is being delivered a 1 - 2 punch. Whenever you get a record amount of production in a slowing economy the only way for the price of Oil to go is down and this confirms my beliefs that Oil will be at $75 by year's end. And these reports can't be fully accurate because no one knows just how bad of a recession will hit the global economy. JMHO
https://www.bloomberg.com/news/articles/2022-08-09/oil-production-growth-to-slow-in-us-next-year-as-inflation-bites#:~:text=The%20current%20annual%20record%20is%2012.3%20million%20set%20in%202019.