Subdued production in 2017 may give way to crude production boost of 1 million barrels per day by 2018 as US exploration and production companies reveal plans to spend more cash. Armed with $50-plus oil prices, exploration and production (E&P) companies aren’t wasting any time. As the fourth quarter 2016 earnings season comes to a close, a key trend to emerge is that U.S. E&Ps are planning to spend more than analysts expected this year. Capital spending (CAPEX) tracking at 8 percent higher than consensus estimates, according to information from Wells Fargo (WF). That reflects capital budgets today that are 53 percent higher than 2016 levels. And that extra cash could generate as much as 1 million more barrels of oil per day next year, analysts at Simmons & Company International, said. For its part, OPEC has suggested the United States should consider its own production cuts – not […]