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Terminal News

US crude production expected to reach record high

US crude production expected to reach record high
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.



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