• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 11 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 24 mins Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 4 mins Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 13 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 8 hours China's Renewables Boom Hits the Wall
  • 7 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 17 hours Iran's Master Plan?
  • 16 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 15 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

Alt Text

Harvesting Human Electricity Gains Commercial Traction

The harnessing of human energy…

Alt Text

A Bull’s Guide To Oil Markets

While bearish sentiment appears to…

Alt Text

Four Ways Oil Has Made Our Lives Better

Fossil fuels are being scrutinized…

Oil & Gas 360

Oil & Gas 360

From our headquarters in Denver, Colorado, Oil & Gas 360® writes in-depth daily coverage of the North American and global oil and gas industry for…

More Info

Premium Content

U.S. Oil To Break Production Record In 2018

7.2 percent production growth coming in 2018: EIA

The U.S. will break a 47-year record next year, according to the EIA, as shale production continues to recover from the global industry downturn.

The highest monthly production the U.S. ever achieved was 10,044 MBOPD, in November 1970. Production in March 2017, the most recent month the EIA has data for, was 9,098 MBOPD. Production has been rising since September.

Up, up, up

U.S. shale producers seem perfectly comfortable with oil at or around $50/bbl., and many producers are planning significant growth in the next year. This growth will propel the U.S. beyond its previous records in 2018, according to the EIA. The agency predicts production will average 10.01 MMBOPD next year, meaning that individual months are highly likely to exceed the 1970 record.

Overall, oil production is projected to grow by 5.2 percent in 2017 and 7.2 percent in 2018. Current activity has led the EIA to increase its projected production forecast by 0.3 percent and 0.4 percent in 2017 and 2018, respectively.

(Click to enlarge)

The news for natural gas production is not as encouraging, however. The EIA revised its 2017 and 2018 production estimates down by about 1 percent each this month. Current predictions put 2017 and 2018 production at 73.3 Bcf/d and 76.6 Bcf/d, respectively. This means production will grow by about 1.4 percent in 2017 and 4.5 percent in 2018. Related: Is $75 Oil Still Possible?

Commodities prices will stay relatively stable

Prices are expected to be relatively stable in the next two years, only increasing slightly. The EIA expects WTI to stay around $50/bbl through 2018, then rise slightly. Increases will be minor, however, and the EIA predicts WTI will only rise to $56/bbl by the end of 2018. Overall, the agency predicts that prices will average $53.61/bbl in 2018, down about 2.7 percent from last month’s predictions.

The price of natural gas is expected to rise somewhat. The EIA expects prices around $3.50/MMBTU this winter, and forecasts similar gas prices in the winter of 2018-2019. Gas prices around $3.20/MMBTU are expected for Q3 2017. The EIA does expect higher summer prices in 2018, with ~$3.30/MMBTU predicted.

By Oil & Gas 360

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • david on June 07 2017 said:
    At current prices and falling we will not even come close in 2018.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play