PashaIgnatovWorld oil prices recently surpassed $75 per barrel for the first time since 2014. To what extent can U.S. oil producers play the role of swing producer? As a result, U.S. oil producers are not able to pump large volumes of new production within a few months of an oil price shock. EPICThe response of U.S. oil production to oil price shocks therefore depends on how quickly investments in new well capacity can be made. In the twelve months leading to February, 2018 (the most recent month for which data are available), U.S. oil production increased by 13% as crude oil prices rose, reaching 10.26 million barrels per day.

Source: Forbes June 07, 2018 17:26 UTC