U.S. March oil production increased by 171 kb/d to 12,696 kb/d, a new post pandemic high. Note that February’s output was also revised up by 42 kb/d from 12,483 to 12,525 kb/d. So relative to the initial EIA February report, production is up by 213 kb/d. The EIA’s forecast production drop that starts in May 2023 could be associated with the drop in completions that started in early May combined with a projected drop in GOM production. In March, seven of the ten states had production gains, with Texas having the largest. The green graph from May 2023 onward is taken from the May 2023 STEO and is the forecast for U.S. ... (full story)