US Oil Production increasing because of Alaska and Off-Shore.

US Onshore Production is still FALLING.

Contrary to many reports, the actual US onshore production fell throughout 2016. Many have argued that the increased rig counts increased US oil production. But that is false. What is increasing US oil production is offshore legacy drilling and Alaska.  Taking out these two sources of oil the US oil production is still falling:

Please note the source of this data is the EIA and you can easily go to the EIA website and check my graph.

The narrative in the oil market is false. US Shale production takes some time to respond to price and will not be the savor of oil production.  The next chart shows EOG Resources oil production over the past years. Notice it is flat. One of the best shale fracking companies has flat oil production.  This is not just a simple one off, but a key company if US oil produciton is going to increase.

The oil markets may be underestimating the future US oil production.