With the large oil price drop that began last summer, the big question for world oil markets has been: How will U.S. shale drillers respond? There’s been widespread expectations that U.S. shale oil—and hence total U.S. production—would continue rising through the middle of 2015. According to data I compiled for the prolific Bakken shale oil play, production dropped in January—and looks set to drop in the following two months, at least. It could be that U.S. total production is already declining, but the data hasn’t come in yet. Read more in my new post, ” Bakken oil production is already declining .” This helps clear up some questions I’d asked in my previous post, ” Is U.S. oil production already declining? “, about how recent data from EIA is actually based on forecasts, rather than measurements of real production. This new post also builds on data compilation I did in […]