Military Review

The US Energy Information Administration is looking for missing oil on the lists

The US Energy Information Administration is looking for missing oil on the lists

Several times in the past year, the US government failed to account for about one in ten barrels of oil produced or consumed by the country. In fact, there were oil products themselves, but the employees of the statistical departments could not determine whether they represent supply or demand - in which column to enter this or that barrel. This discrepancy caused a serious headache for oil traders because it made the true state of the US energy market opaque.

What was at stake was not only the understanding of the sufficiently large US oil market, but also the accuracy of the statistics behind billions of dollars of transactions. Although the problem may seem insignificant to some, its solution is of great importance for the commodity market.

Every energy supply and demand data set has a row called something like “adjustment” or “balance misc,” a statistic that allows barrels to be tweaked so that supply and demand match exactly.

The size of the missing oil record last year got so out of control that the US Energy Information Administration (EIA), the federal government's oil statistics arm, launched a lengthy three-month effort to fix it. The work was not in vain: the mystery of the "missing oil barrels" was largely solved.

The Washington-based EIA determined that much of the problem was over-demand, perhaps 400 bpd, and slightly under-supply, perhaps 000 bpd. Putting it all together, this is more than the daily consumption of, for example, a country like Belgium.

The origins of the problem are ambiguous. US oil production has nearly tripled in the past 15 years, making EIA data difficult to collect. During the same period, Washington also lifted a de facto ban on crude oil exports, further complicating the balance of supply and demand.

Last year, the EIA's computer system crashed, delaying the release of several market-critical reports by more than a week. EIA insiders describe IT agencies as prehistoric.

Earlier this year, the Commodity Futures Trading Commission (CFTC) also had to suspend its closely monitored weekly report several times after the system was attacked by ransomware. The report, titled "Commitment of Traders", is the only snapshot available of how investors are feeling in the energy, metals and agricultural markets. If the report is delayed, it immediately affects the market, the dynamics of prices, and the mood of stockbrokers.

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  1. tralflot1832
    tralflot1832 28 March 2023 07: 44
    Amerstat, as I understand it, mows in favor of the rich - sellers and buyers. It all depends on who sends more money.
    1. Mister X
      Mister X 28 March 2023 08: 12
      The world is turning into Klitschko:
      - We found the money, but there is no money ...
  2. sergo1914
    sergo1914 28 March 2023 07: 46
    . Several times in the past year, the US government failed to account for about one in ten barrels of oil produced or consumed by the country.

    Come on! Are they stealing? Or do they unfasten the tithe of the mafia?
    1. paul3390
      paul3390 28 March 2023 07: 57
      As I remember in the 90s, mattress covers unfastened something like 500 million for the closure of unprofitable coal mines .. In Moscow they say that the money was transferred to Kuzbass, here is the payment. And from there they write - there is no money, here is an extract from the account. Moscow to their American curators - well, what a payment! Everything is listed. And in the region again they say - no, here is a piece of paper. Fucked up minke whales - but where did the loot disappear - in the wires or what ?? How can this even be? They say they never found it .. Gee ..
  3. 75 Sergey
    75 Sergey 28 March 2023 07: 47
    Or maybe just oil passed "past the cash register" so that taxes would not be paid?
    1. tralflot1832
      tralflot1832 28 March 2023 07: 51
      It’s hard to get past the cash register in the USA. But human thought has no boundaries of perfection. You can use the experience of the drug mafia.
  4. Mouse
    Mouse 28 March 2023 07: 54
    it was they who did not study Lenin .... "Accounting and control - this is the main thing that is required for the" adjustment , for the correct functioning of the first phase of communist society "... wassat
  5. nobody75
    nobody75 28 March 2023 08: 02
    Paper oil surfaced...
  6. Illanatol
    Illanatol 28 March 2023 08: 27
    Quote: tralflot1832
    It's hard to get past the box office in the US.

    Oh really?
    There was such a company in the USA, it was called Enron. I used to work in the energy sector.
    Double-entry bookkeeping is common among large corporations and banks.
  7. Michael
    Michael 28 March 2023 08: 33
    Inspired. I'll check it out tonight!
  8. rotmistr60
    rotmistr60 28 March 2023 08: 35
    I wonder who gets one out of ten barrels or is it just virtual? Banks and funds are failing due to data manipulation, so why shouldn't the US oil industry one day collapse due to overcharging?
    1. Gestas
      Gestas 28 March 2023 12: 25
      Maybe virtual. Exchange traders generally do not operate with real oil (and not only with it), but with obligations on it. What is the stock market and vicious. I remember one episode of the "thundering twenties" that came to light after Black Tuesday in 1929 - a certain company decided to drain the swamps in Florida, transferring land for agricultural plots, issued shares (obligations) for these works (the prospective plots of land were supposed to be collateral) and their capitalization (stock market value) grew by leaps and bounds for several years. On "Tuesday" it turned out that the trade was carried out by swamps, and of all the obligations, the company carried out only the installation of an information board in the area where the proposed work was to be carried out. And they traded, like, plots of land (more precisely, obligations for their "supply") for agricultural purposes :)