Total US crude oil production is expected to exceed the record high set in 1970.
According to the US Energy Information Administration (EIA), production is forecast to average 9.3 million barrels per day (b/d) in 2017, an increase of 500,000 b/d from 2016.
In 2018, the EIA expects production to reach 9.9 million b/d, which would surpass the previous record of 9.6 million b/d set in 1970.
It is forecast that most of this growth will come from right rock formations within the Permian region in Texas as well as from the Federal Gulf of Mexico.
In the EIA's July Short term energy outlook, the Permian region is expected to produce 2.9 million b/d of crude oil by the end of 2018, representing nearly 30% of total US crude oil production in 2018.
A global storage hub networkOil price 'collapse' brings 2018 to a close A different energy system The economics of IMO 2020 Are energy companies prepared for a demand driven petrochemical market IFLEXX: standardised data communication in the downstream oil and gas sector Growing to meet Ghana's midstream needs Bridging Africa's infrastructure gap The storage outlook Safety at the touch of a button