US crude output averaged just over 11.2mn b/d for Q2, for the highest quarterly output figure by some distance since production collapsed in Q2 last year (see data, p9).

However, leaving aside February when Texas storms cut production by 1.5mn b/d, US output has actually been remarkably flat in recent months: every month since last November has been within 100,000 b/d of 11.15mn b/d. Having been touted as the new swing producer prior to last year’s output slump, any sort of rapid response to recent higher prices from US shale producers has been conspicuous by its absence. (CONTINUED - 1171 WORDS)