Forecast Predicts Record US Crude Oil Output In 2018, 2019 - Energy Department

(@FahadShabbir)

Forecast Predicts Record US Crude Oil Output in 2018, 2019 - Energy Department

WASHINGTON (UrduPoint News / Sputnik - 23rd August, 2018) US production of crude oil is expected to set new records this year and next, mainly due to increased output from shale formations in the states of Texas and New Mexico, the Energy Information Administration (EIA) said in a report on Thursday.

"US crude oil production will average 10.7 million barrels per day (b/d) in 2018 and 11.

7 million b/d in 2019," a press release summarizing the report said. "If realized, both of these forecast levels would surpass the previous record of 9.6 million b/d set in 1970."

The nationwide increase is almost entirely driven by extracting oil from shale and other rock formations, in particular, the Permian region in western Texas and eastern New Mexico, the release explained.

Permian oil is expected to account for more than half of the growth in US crude oil production through 2019, the release said.

Related Topics