World oil markets have experienced a fundamental transition in recent years, making the practice of oil price manipulation to be elusive. In the past, oil prices were basically supported by the market being undersupplied, together with the specter of peak oil. Oil market paradigms were based on declining production in countries composing the Organization for Economic Co-operation and Development (OECD), contrasting with rising global demand mostly among non- OECD countries. In the face of such production declines, OPEC and Eurasia (Russia and the former United Soviet Social Republics, U.S.S.R) pegged their production to quotas more so associated with global supply than global demand. The resulting anticipation was for a state of secular market undersupply to simply continue, pushing oil prices higher.
However, oil prices collapsed. Market expectations were defeated with the U.S. dramatically increasing production. The production increase in the U.S. shocked markets by demonstrating the capacity to supply 78% of the total global oil demand increase from 2008 to 2015. Something never before experienced from a country or entity in the oil markets. OPEC and Eurasia market quotas, associated with global supply, cemented an oversupplied dynamic.
This oversupply was once thought to be self limiting with U.S. producers simply having to shut in production at various declining price levels. 2016 proved this not to be the case. Now, OPEC and Russia seek to regain influence in an oil market that's dramatically altered. Altered in such a way that the past method of controlling prices by controlling supply has simply given way to new technologies. These technologies evolved an oil market where the ability to accumulate market share at historically low prices is paramount. Driving this is that oil production trends have been much more dramatic than trends in oil demand, with both trends favoring oversupplied conditions. Technology is creating the ability to produce more oil at progressively cheaper costs. Likewise, technology reduces oil demand by creating fuel inefficiencies and alternative modes of energy.
Another transitional market dynamic is looming between a state of oversupplied conditions and sovereign budget deficits. Where OPEC countries once enjoyed significant sovereign budget surpluses and associated social services, now worrying budget deficits have persisted since 2014. To bridge the gap, unprecedented bond debt has been issued among the most able, namely Saudi Arabia, with there $17.5 billion global bond issuance in October of last year. The primary method of addressing deficits has been the use of foreign currency reserves, such as in Iraq to fill an approximate $20 billion per year short fall over the last 3 years. All of this in a region already inflicted with substantial ideological tensions, insurgencies and territorial conflicts.
OPEC once balanced production between supporting prices while avoiding global economic recession. Now, we see OPEC pressured in an unprecedented way with private company profitability setting oil price discovery. A collapse in OPEC production is the risk as always, but now it is compounded by the new economics of oil price due to technology, and not just the customary features of ideology and territory.
According to data from the United States' Energy Information Administration (EIA), from 2007 through 2013, global markets were undersupplied with oil 4 years out of the total 7 years. The undersupply was often significant with an undersupply of 1.4 million barrels per day(mb/d) in 2007 and 1.24 mb/d in 2011. In 2012 an oversupply of only 140 thousand barrels per day (kb/d) occurred. In 2009 and 2010, the market was essentially balanced with demand having been eroded by the Great Recession.
In the singular instance of oversupply, the volume of oversupply was minimal. This dynamic supported inflation adjusted oil prices in the range of $90 to $105 per barrel. A shift to oversupply came in 2014 with an oversupply of 820 kb/d, gaining to 1.71 mb/d in 2015 and 250 kb/d in 2016. So far in 2017, the first quarter saw a state of balance and second quarter saw an undersupply of 270 kb/d, primarily attributable to a large decline in Canadian production due to an unscheduled disruption in operations. Of course it was in the second half of 2014 that oil prices began their collapse as the basic premise of maintaining an undersupplied market showed failure.
Basic to explaining this shift in supply is shale and tight oil production in the U.S. For decades, oil production in the U.S. had been in decline until technology opened a new chapter. Chevron's 10-K for 2016 explains the oil industry's new approach to production by using the Permian basin as an example. According to Chevron, the "Permian has multiple stacked formations that enable production from several layers of rock in different geological zones." This allows "for multiple horizontal wells to be developed from a single well pad location using shared facilities and infrastructure..."
Such a compounding of wells on a single well pad, near shared facilities and infrastructure, largely explains the countervailing premise of historical oil market dynamics.
The EIA tracks oil production data in a variety of ways. One such way is by tracking production of "petroleum and other liquids," which is similar to barrels of oil equivalents. I will reference this EIA data as barrels of oil equivalents per day (boe/d). In 2009, as the new production technologies were being launched, U.S. production jumped by 630 kboe/d to 9.14 mboe/d, an increase of 7.4% over 2008's level of 8.51 mboe/d. U.S. production increased at similar rates until 2012 when the increase was 980 kboe/d to reach 11.11 mboe/d, an increase of 9.7% over 2011 levels. 2013 saw the U.S. rate of production brake the one million mark by increasing by 1.23 mboe/d, 2014 was a banner year with a production increase of 1.73 mboe/d, and 2015 saw a per day increase of another 1.05 mboe/d.
With multiple years of increasing production by over a million barrels per day, and nearly 2 million barrels per day in 2014, U.S. total production found itself at 15.12 mboe/d in 2015. This reflects a 77.6% increase in U.S. oil production from a 2008 level of 8.51 mboe/d. Over 7 years, the U.S. increased its production by a remarkable 6.61 mboe/d.
From 2008 to 2015, total global oil production went from 85.37 mboe/d to 95.78 mboe/d, an increase of 10.41 mboe/d. Of this increase in supply, the U.S. accounted for 6.61 mboe/d, or 63.5% of the increase in total global supply. Over the same period, the largest oil producer, OPEC, saw their production go from 35.72 mboe/d in 2008 to 38.31 mboe/d in 2015, an increase of only 2.59 mboe/d. Most of OPEC's increased production was in 2015 with an increase of 1.96 mboe/d. Still, OPEC's share of total increased global supply was only 24.8%. If one considers that global oil production grew by 10.41 mboe/d between 2008 and 2015, and increased production from both the U.S. and OPEC totaled 9.2 mboe/d, the combined increase in supply from the U.S. and OPEC accounted for 88% of the total increase in global supplies.
Eurasia once was the second largest oil producer behind OPEC, but this changed in 2014 with the progressing evolution of U.S. production. In 2008, Eurasia produced 12.52 mboe/d contrasting with the U.S. producing 8.51 mboe/d. By 2015, Eurasia's production advanced to 14.10 mboe/d while U.S. production saw 15.12 mboe/d. This resulted in Eurasia production growing by a small 1.58 mboe/d from 2008 to 2015, which is only 15% of the total growth in global production of 10.41 mboe/d.
If one combines U.S., OPEC and Eurasia production increases, the three grew production from 2008 to 2015 by 10.78 mboe/d while total global production increased at a smaller rate of 10.41 mboe/d. This numerical discrepancy shows that production from the above three assisted in offsetting production declines in other areas such as the North Sea having a decline of 1.24 mboe/d and Mexico declining by 570 kboe/d. Add in Canadian production increasing by 1.46 mboe/d, together with minor advances and declines in other areas and one can see that the increase in U.S. production of 6.61 mboe/d fundamentally altered the global oil market.
From 2009 through 2011, U.S. oil production steadily crept higher, gaining by about 500 kboe/d. That rate of production doubled in 2012, hitting nearly one million barrels per day of new oil that previously wasn't anticipated. OPEC generally keeps its share of total global production at about 40%, Eurasia similarly keeps its share in the 15% range. The U.S. on the other hand, expanded its share of total global production from 9.9% in 2008 to 15.8% in 2015. In so doing, the U.S. accounted for 63.5% of the increase in total global supply, and is the essential reason for the increase in global supply.
Looking at the demand side of the equation, production in the U.S. appears to have averted a looming energy crises. In so doing, a progressing undersupply imbalance was corrected, at the expense of high oil prices. In 2008, total global consumption stood at 85.78 mboe/d and reached 94.07 mboe/d by 2015, resulting in an increase of 8.29 mboe/d. Of course total global oil supply increased by 10.41 mboe/d over this period, showing an oversupply of 2.12 mboe/d. This oversupply assisted in compensating for more periods of substantial undersupply than rare periods of meager oversupply.
With the U.S. increasing its production by 6.61 mboe/d from 2008 to 2015, and total global demand increasing by 8.29 mboe/d, the increase in U.S. production addressed 78% of the increase in global demand and, together with OPEC and Eurasia production, an oversupply resulted. Over the 7 years prior to 2008, an opposite dynamic prevailed where supply grew by 7.6 mboe/d and demand grew by 10.3 mboe/d, with an undersupply of 2.7 mboe/d. Undersupply was the essential premise of oil markets, and when the U.S. shale revolution became apparent as a continuing development, prices collapsed.
Originally it was assumed that the oversupplied condition would be self correcting. That is, the falling price of oil due to changes in market dynamics would inevitably weed out U.S. shale production. However, as observed by Chevron's John Watson in his Q4 2016 earnings call, "I have been surprised at how resilient production has been in many locations around the world[,] some of that is we just keep getting better."
One such location of production resiliency is certainly the U.S. In January 2016, the EIA projected that U.S. petroleum production would fall into a run rate of 14.5 mboe/d and stay there, if not go lower, through 2017. This contrasts with a run rate in the 15.20 mboe/d range seen in 2015, a decline of 700 kboe/d. By June 2016, the EIA projected U.S. production to fall as low as 14.22 mboe/d, a decline of 980 kboe/d versus 2015 levels. Interestingly, EIA projected continuation of oversupply through 2017 despite projections of significantly declining U.S. production. The essential reason was forecasts of OPEC increasing production thereby offsetting U.S. declines. It wasn't until December of 2016 that OPEC resolved to cut production by 1.8 million barrels of crude per day. The reason: By December of 2016, both OPEC and the EIA had recognized the resiliency of U.S. production.
Though U.S. production did decline, it didn't do so to the extent thought. U.S. production consistently defeated projections to the upside throughout 2016 by around 200 kboe/d. Ultimately U.S. production decreased by only 290 kboe/d compared with 2015, despite oil prices rarely exceeding $50 per barrel, going as low as $27 and ranging between $50 and $40. In 2016, the market remained oversupplied by 350 kboe/d, assisted by OPEC increasing its production by 610 kboe/d.
OPEC's agreement in late 2016 to cut production by 1.8 mb/d boosted oil price optimism. But the agreement was more so a last ditch response to OPEC's disappointed expectations of U.S. shale production collapsing. Through the first half of 2016 both OPEC and the EIA projected declining U.S. production, with OPEC's expectations being much more aggressive. In the second half of 2016, it became apparent that U.S. shale production could function in an environment of sustained low pricing. Consequently the EIA began to revise up projections for U.S. production.
Currently, U.S. production has returned to the upward trajectory previously witnessed. In January 2017, the EIA projected U.S. first-quarter production to be 14.76 mboe/d, the actual production was 15.01 mboe/d. Same with the second quarter where the projection was 15.04 mboe/d with an actual rate of 15.36 mboe/d. By the fourth quarter of this year, the EIA projects U.S. production to reach 16.24 mboe/d, exceeding the high mark reached in 2015 of 15.20 mboe/d. OPEC is also projected by the EIA to exceeds previous records of production by reaching 39.91 mboe/d by the end of 2017.
The EIA forecasts a balanced oil market this year, going into moderately oversupplied next year. However, such a forecast for 2017 looks to be based essentially on flat Canadian production. Since the rescission, Canada has consistently increased production. In the fourth quarter of 2016, their production reached 4.95 mboe/d and was at 4.92 mboe/d in the first quarter of 2017. In the second quarter of 2017, production fell to 4.52 mboe/d due to disruptions arising from a fire at Suncrude Canada Ltd.'s bitumen processing plant. For the third and fourth quarters of 2017, the EIA is projecting Canadian production to be at 4.78 mboe/d. Given Canada's history of increasing production and given a production rate of 4.9 mboe/d prior to the second quarter disruption, it appears more likely that Canadian production will reach the 5.0 mboe/d level. Such an event would result in a slightly oversupplied market for 2017.
OPEC's production cuts are showing signs of declining enthusiasm. June's compliance rate decline to 78% versus high 90% rates in previous months. There is a market dynamic at play which OPEC has yet to address, at prices more so implying the need for difficult social transition than simply the margin efficiencies obtained by private oil companies.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
See the original post:
The Anatomy Of An Oil Market Evolution, Its Sustainability, And Consequences - Seeking Alpha
- 19 Most Memorable (and Heart-Wrenching!) 'Grey's Anatomy' Episodes of All Time - PEOPLE - March 30th, 2025 [March 30th, 2025]
- 16 stars you forgot were on Grey's Anatomy before their big break (including future Oscar nominees) - Entertainment Weekly News - March 30th, 2025 [March 30th, 2025]
- "I Cried When He Died": Shonda Rhimes Is Still Deeply Impacted By Killing One Grey's Anatomy Character - Screen Rant - March 30th, 2025 [March 30th, 2025]
- See the Best Greys Anatomy Behind-the-Scenes Photos to Celebrate 20 Years of the Medical Drama - PEOPLE - March 30th, 2025 [March 30th, 2025]
- Katherine Heigl, Jeffrey Dean Morgan reunite to talk Grey's Anatomy , from Denny's death to ghost sex - Entertainment Weekly News - March 30th, 2025 [March 30th, 2025]
- Sandra Oh Is Changing Her Tune on a Potential Return to 'Grey's Anatomy' - PEOPLE - March 30th, 2025 [March 30th, 2025]
- The Scrapped Grey's Anatomy Spin-Off Would Have Ruined The Show's Best Characters - SlashFilm - March 30th, 2025 [March 30th, 2025]
- Anatomy of a flood: The Derna tragedys lessons for Libyan governance - Brookings Institution - March 30th, 2025 [March 30th, 2025]
- 19 Years Later, Shonda Rhimes Still Isnt Over This Greys Anatomy Death (and Neither Are We) - Collider - March 30th, 2025 [March 30th, 2025]
- The perfect palliative balm of Greys Anatomy - Financial Times - March 30th, 2025 [March 30th, 2025]
- 15 Behind-the-Scenes Facts You Didn't Know About Grey's Anatomy, 20 Years After It Premiered - MSN - March 30th, 2025 [March 30th, 2025]
- I Have Zero Endings: Shonda Rhimes Has No Idea How (or When) Greys Anatomy Will End - Collider - March 30th, 2025 [March 30th, 2025]
- My Only Allegiance Is to the Story: Shonda Rhimes Explains Why Shes Killed So Many Beloved Greys Anatomy Characters - Collider - March 30th, 2025 [March 30th, 2025]
- 'Grey's Anatomy' star Ellen Pompeo says $20 million salary brings 'true independence': 'I don't have to do anything I don't want to do' - CNBC - March 30th, 2025 [March 30th, 2025]
- 'I love your song from "Grey's Anatomy"': How the ABC medical drama's soundtrack changed these artists' musical careers - Yahoo... - March 30th, 2025 [March 30th, 2025]
- Shonda Rhimes On The 'Grey's Anatomy' & 'Scandal' Spinoffs That Never Materialized: "We Thought About A Lot Of Things" - Deadline - March 30th, 2025 [March 30th, 2025]
- Shades of Gray in Twenty Years of Greys Anatomy - Books, Health and History - March 30th, 2025 [March 30th, 2025]
- Linda Lowy talks casting Shondaland, from Grey's Anatomy to the best audition she's ever seen - Entertainment Weekly News - March 30th, 2025 [March 30th, 2025]
- Shonda Rhimes is 'forever bitter' about having to fight for 'Grey's Anatomy' musical episode - Entertainment Weekly News - March 30th, 2025 [March 30th, 2025]
- Greys Anatomy: Is It Finally Time for Owen & Teddy to Call it Quits? (POLL) - TV Insider - March 30th, 2025 [March 30th, 2025]
- After 18 Years, Meredith Finally Proves Ellis' Most Hurtful Criticism Wrong In Grey's Anatomy Season 21 - Screen Rant - March 30th, 2025 [March 30th, 2025]
- Arte France Boards Movistar Plus+s The Anatomy of a Moment, From The Plagues Alberto Rodrguez - Variety - March 30th, 2025 [March 30th, 2025]
- Makes Me Just Go, Hmm: Christinas Potential Greys Anatomy Return Addressed By Sandra Oh, Who Admits Her Stance Has Softened After Years Of Hard No -... - March 30th, 2025 [March 30th, 2025]
- Shonda Rhimes Reveals "A Bunch" Of Never Made Grey's Anatomy Spinoffs, Including One Based On The Shepherd Family - Screen Rant - March 30th, 2025 [March 30th, 2025]
- Anatomy of a Massacre - by Theo Padnos - Persuasion - Persuasion | Yascha Mounk - March 30th, 2025 [March 30th, 2025]
- We Thought About a Lot of Things: Shonda Rhimes Discusses Greys Anatomy Spin-Offs That Never Were - Collider - March 30th, 2025 [March 30th, 2025]
- 'Grey's Anatomy' Redefined the Medical Drama on TV - Collider - March 30th, 2025 [March 30th, 2025]
- Greys Anatomy turns 20: How Katherine Heigl pulled off her Emmy upset and remains the only series regular to win - Gold Derby - March 30th, 2025 [March 30th, 2025]
- Why Shonda Rhimes Scrapped Spinoffs of Greys Anatomy and Scandal - TheWrap - March 30th, 2025 [March 30th, 2025]
- Greys Anatomy at 20: From their pretty exciting first day to their linchpin episodes, Chandra Wilson and James Pickens Jr. look back - Gold Derby - March 30th, 2025 [March 30th, 2025]
- 'Grey's Anatomy': Deceit Rocks Grey Sloan, Link and Jo Make a Big Decision and Meredith Faces the Wrath of Richard - PEOPLE - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo won't let 10-year-old watch Grey's Anatomy , isn't ready for her to see her in her underwear on TV - Entertainment Weekly News - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo Reveals Why She Doesn't Want Her 10-Year-Old Daughter Sienna to Watch Grey's Anatomy - PEOPLE - March 15th, 2025 [March 15th, 2025]
- How to watch Greys Anatomy' online for FREE without cable - PennLive - March 15th, 2025 [March 15th, 2025]
- Forget Marry Me Chicken: Links Insane Greys Anatomy Breakfast Sandwich Is the Real Deal-Closer - TVLine - March 15th, 2025 [March 15th, 2025]
- Original Grey's Anatomy Cast in Photos: Then and Now - Good Housekeeping - March 15th, 2025 [March 15th, 2025]
- Why Ellen Pompeo Wont Let Her 10-year-old Daughter Watch Greys Anatomy - Hollywood Reporter - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo's Good American Family Promos Airing During ABC's Grey's Anatomy Night Is Kind Of Trippy, But Her New Hulu Show Has Me Intrigued -... - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo explains why she doesnt want her 10-year-old daughter watching Greys Anatomy - New York Post - March 15th, 2025 [March 15th, 2025]
- Grey's Anatomy Season 21 Episode 10 Review: I'm So Glad Meredith Is Back In A Refreshing Return To Form For The ABC Show - Screen Rant - March 15th, 2025 [March 15th, 2025]
- Grey's Anatomy Showrunner Weighs In On The Pitt's Success & The Competition In Medical Drama - Screen Rant - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo on Stepping Back From 'Grey's Anatomy' to Take on Natalia Grace's Story (Exclusive) - Entertainment Tonight - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo Reveals Hilarious Reason She Wont Let Her Daughter Watch Greys Anatomy - E! Online - E! NEWS - March 15th, 2025 [March 15th, 2025]
- 10 of the Biggest Feuds in Greys Anatomy History - Shondaland.com - March 15th, 2025 [March 15th, 2025]
- Anatomy of a Recession Update: Consumer confidence | Franklin Templeton - Beyond Bulls & Bears - March 15th, 2025 [March 15th, 2025]
- Ellen Pompeo Says 'Grey's Anatomy' Fans Will Be Shocked By Her Role as Natalia Grace's Adoptive Mom - Access Hollywood - March 15th, 2025 [March 15th, 2025]
- A Guide to Security Investments: The Anatomy of a Cyberattack - SecurityWeek - March 15th, 2025 [March 15th, 2025]
- Noah Wyle Says His Kids Have Watched More Greys Anatomy Than ER : Its a Point of Contention (Exclusive) - PEOPLE - March 15th, 2025 [March 15th, 2025]
- Welcome from Head of Department of Anatomy and Neuroscience - News | University College Cork - March 15th, 2025 [March 15th, 2025]
- Greys Anatomy Showrunner Reveals Whether Ellen Pompeo Will Return for Season 22 - Collider - March 15th, 2025 [March 15th, 2025]
- Grey's Anatomy Season 21 Sneakily Continues A Key Station 19 Story A Year After ABC Canceled The Spinoff - Screen Rant - March 15th, 2025 [March 15th, 2025]
- Anatomy of the average American paycheck - Floyd Chronicle & Times - March 15th, 2025 [March 15th, 2025]
- Grey's Anatomy Showrunner Addresses Whether There Could Be A Future Without Any Meredith Grey - Screen Rant - March 15th, 2025 [March 15th, 2025]
- Greys Anatomy Actor Jason George Explains What Its Like Filming Amidst Schmitt And Yasudas Departure - CinemaBlend - March 15th, 2025 [March 15th, 2025]
- The Magic Behind 'Grey's Anatomy': CGI, Medical Expertise, and Hollywood Tricks - Collider - March 5th, 2025 [March 5th, 2025]
- Canadians and Wayne Gretzky: Anatomy of a Relationship on Thin Ice - The New York Times - March 5th, 2025 [March 5th, 2025]
- Spits & Suds: The Anatomy of how trade deadline deals get done in the NHL - 105.3 The Fan - March 5th, 2025 [March 5th, 2025]
- 'Grey's Anatomy' Star Kate Walsh Shares Healthy Habits for Cancer Prevention - Healthline - March 5th, 2025 [March 5th, 2025]
- The Anatomy of Fear: Tips on Scoring a Body Horror Movie - No Film School - March 5th, 2025 [March 5th, 2025]
- Go-to anatomy atlas featuring corpses of Nazi victims revamped by UCLA cardiologist - The Times of Israel - March 5th, 2025 [March 5th, 2025]
- Ellen Pompeo Reveals Which Viral Scene from Greys Anatomy Made Her Oldest Daughter Cry (Exclusive) - PEOPLE - March 5th, 2025 [March 5th, 2025]
- In Karnataka, the anatomy of three riot-like situations - The Hindu - March 5th, 2025 [March 5th, 2025]
- Ellen Pompeo Reveals The Grey's Anatomy's Episode That Made Her Oldest Daughter Cry - Screen Rant - March 5th, 2025 [March 5th, 2025]
- Heres Whats New on TV This Week Including Grey's Anatomy American Idol, The Righteous Gemstones, and More - Collider - March 5th, 2025 [March 5th, 2025]
- Greys Anatomy cast members who have spoken out about their own serious health conditions - Tyla - March 5th, 2025 [March 5th, 2025]
- Greys Anatomy Returns: Everything You Need to Know Ahead of the Midseason Premiere - TVLine - March 5th, 2025 [March 5th, 2025]
- All the Lingering Questions We Need Answered When Greys Anatomy Comes Back - Shondaland.com - March 5th, 2025 [March 5th, 2025]
- Greys Anatomy star Kate Walsh shares important message after being diagnosed with brain tumour - Tyla - March 5th, 2025 [March 5th, 2025]
- 'I Couldn't Hold It Together': Ellen Pompeo Recalls Grey's Anatomy Moment That Brought Her and Her Daughter to Tears - CBR - March 5th, 2025 [March 5th, 2025]
- Greys Anatomy star Kate Walsh reveals very subtle warning sign ahead of brain tumour diagnosis - Tyla - March 5th, 2025 [March 5th, 2025]
- Grey's Anatomy season 21 part 1 recap: All to remember before part 2 arrives - Sportskeeda - March 5th, 2025 [March 5th, 2025]
- Grey's Anatomy Season 21 Episode 9: Release date & time, what to expect, and more - Sportskeeda - March 5th, 2025 [March 5th, 2025]
- The Splendour of Life, Starring Anatomy of a Fall Actor Camille Rutherford, Picked Up by H264 (EXCLUSIVE) - Variety - February 25th, 2025 [February 25th, 2025]
- Greys Anatomy Sneak Peek: Its Tears for Fears in Your First Look at the Midseason Premiere - TVLine - February 25th, 2025 [February 25th, 2025]
- Can a Longtime Greys Anatomy Stan Learn to Love the Grim Medical Reality of The Pitt? - Vogue - February 25th, 2025 [February 25th, 2025]
- Greys Anatomy Is Coming Back Next MonthHeres What We Know About That Cliff-Hanger - Glamour - February 25th, 2025 [February 25th, 2025]
- New Extremity Box Set Collects 'High Tension,' 'Anatomy of Hell,' 'Frontier(s),' 'Martyrs' on Blu-ray - Bloody Disgusting - February 25th, 2025 [February 25th, 2025]
- When Does 'Grey's Anatomy' Return With New Episodes? - TV Insider - February 25th, 2025 [February 25th, 2025]
- Books of Discovery Expands Access to Premier Anatomy and Physiology Textbooks for Educators and Students - EIN News - February 25th, 2025 [February 25th, 2025]
- 10 Scenes That Made Grey's Anatomy Fans Quit the Show (& Never Look Back) - CBR - February 25th, 2025 [February 25th, 2025]