US oil output fell 6% in January -- EIA ...Middle East

I don't think this will come as a surprise to the oil market -- which is closed today -- but the EIA says the US crude production fell to 12.533 mbpd in January, a drop of 6% from December.A good portion of that was due to cold weather freezeoffs but it also highlights producer discipline. Texas production fell 5% while in North Dakota it fell 13%.That will likely bounce back in February but there is tentative evidence that the breakneck pace of 2022-23 production growth is done. If so, that should allow OPEC to slowly bring back barrels starting in H2.Here's a good chart to illustrate the shale treadmill. This article was written by Adam Button at www.forexlive.com.

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US oil output fell 6% in January -- EIA ...Middle East

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