EIA forecasts US crude oil production rate to break record high in 2018 and again in 2019; 10.3 and 10.8 million b/d

10 Jan 2018   Oil Supply, USA

In its latest edition of the Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that US crude oil production will average 10.3 million b/d in 2018—the highest annual average production in US history, surpassing the previous record of 9.6 million b/d set in 1970. EIA also forecasts that 2019 crude oil production will rise further to an average of 10.8 million b/d. US crude oil production averaged an estimated 9.3 million barrels per day (b/d) in 2017 and is estimated to have averaged 9.9 million b/d in December. Increased production from the Permian region in Texas and New Mexico accounts for 0.8 million b/d of the forecast 1.2 million b/d of crude oil production growth from December 2017 to December 2019. EIA expects most of the remaining 0.3 million b/d of growth to come from the Federal Gulf of Mexico, as seven new projects are expected […]

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