Authored by Nick Cunningham via Oilprice.com,
Some of the surge in U.S. oil production this past spring might have been “a mirage.”
On July 31, the EIA released monthly data on U.S. oil production, which revealed a decline in U.S. output of 30,000 bpd in May, compared to a month earlier. The dip is a surprise, given the widespread assumption that U.S. shale production was continuing to grow at a blistering pace.
To be sure, a big reason for the decline in overall output was the 75,000-bpd...