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US oil output to hit record over 11M bpd by end of 2019, EIA
h/t InstapunditU.S. crude oil production is expected to climb to more than 10 million barrels per day (bpd) early in 2018, reaching that milestone for the first time since 1970, and to continue to surge into 2019 to a record high, the U.S. Energy Information Administration said Tuesday. Production was expected to hit 10.04 million bpd during the first quarter of this year, the agency said in a monthly report. The 10 million-bpd milestone previously had not been expected to be reached until the fourth quarter. The EIA revised its production growth forecast for 2018 sharply higher to 970,000 bpd from 780,000 bpd in its previous outlook. U.S. output will be at an all-time high in 2019, surpassing 11 million bpd by the end of that year, a new high for national output, the EIA said in the report. The average production in 2019 will rise 580,000 bpd to 10.85 million bpd, the agency said in its first outlook for next year. Better than nuking Mecca Posted by: g(r)omgoru 2018-01-10 |
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