The Energy Information Administration is overestimating U.S. crude oil production, Continental Resource’s chief executive Harold Hamm said today in an interview with Fox Business. Hamm was notably the only shale oil major executive who warned against the too-quick boosting of shale oil production after the OPEC-non-OPEC output cut deal from the end of last year. “EIA over-forecast what U.S. production was going to be this year by about 100 percent,” Hamm said, adding that the EIA has been revising its production estimates down but by a much more moderate rate than the actual decline in production. And 100 percent too much is a fairly large number, and the market was only too happy to see at least a small adjustment, which was made in the EIA’s latest Short Term Energy Outlook (STEO). According to Hamm, the EIA “made an adjustment of 130,000 barrels down” to compensate. “We are showing […]