RE:US production flatlined at 13.1 mbd last 11 weeks.Anyone in the oil business knows that production is never flat. Production from new wells and wells that have been worked over produce additional barrels while older wells continuously decline soon after they are first drilled. For these two very different random variables to be exactly equal for an 11 week period goes beyond a little suspicious.
I am generally not a believer in most conspiracy theories but when it comes to U.S. oil production data, I will never trust any of the numbers that are released.
https://ycharts.com/indicators/us_crude_oil_field_production The good news is that OPEC+ has moved their June meeting from June 1st to June 2nd. It will be a virtual meeting instead of the in person meeting that they had originally planned.
I think this is a sign that OPEC+ were able to reach an agreement and will be maintaining the same production cuts into the future. Flooding the market with additioinal barrels at this time would make no sense. No need to meet in person if they plan to leave production the same. This should be bullish for the price of oil this summer. Time to load up on undervalued oil stocks like BTE.