U.S. Oil Output to Hit a Record in 2018

10 May 2017   Oil Supply, USA

EIA lowers 2017 WTI price forecast to $50.68 from $52.24 Brent crude 2017 price projection revised down 3% to $52.60 U.S. crude production forecasts keep growing. The Energy Information Administration said domestic output will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month, according to the agency’s monthly Short-Term Energy Outlook released Tuesday. Production will average 9.31 million barrels a day in 2017, up from 9.22 million projected in April. U.S. explorers have added rigs this year, partially undermining oil-production cuts that started in January by the Organization of Petroleum Exporting Countries and 11 other exporters. The nation’s active oil-rig count has more than doubled in the past year to 703 last week, according to Baker Hughes Inc. The lag between drilling and reaching maximum production signals that output will climb further in coming months, according to the report. […]

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