Summary: The resiliency of US shale continues to confound skeptics. Despite fewer rigs drilling and fewer wells drilled, US oil production hit 13 million barrels per day (mbd) in July of 2023 and remained above 13 mbd for the last five months of 2023. These production levels, 12.97 mbd on average for full year 2023, are above the pre-Covid record highs of 2019.

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