US Shale Oil Production Is Getting Gassier

EIA's latest monthly oil report is out and US oil production surprised to the downside. We had expected US oil production to come in around ~12.45 million b/d, but this did not happen. Using our real-time tracking data, implied US oil production should've been at the highest level for 2022.

In addition, we also saw this in the associated gas production data we tracked. 

As you can see in our production matrix chart above, US oil production should have reached nearly ~12.5 million b/d, but there are clearly issues.

What's even more interesting is the fact that associated gas production has already hit a new all-time high, while crude production lags by ~400k b/d.