• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 3 hours Which type of Hegemony will China follow
  • 3 hours China gets caught?
  • 10 hours Demand for Diesel vs. Oil
  • 21 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 24 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 15 mins Us Shale: Moving the US shale revolution forward
  • 14 mins US Shale: Technology
  • 1 day Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 2 days Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
Germany Looks To Renew Scrapped Bolivian Lithium Deal

Germany Looks To Renew Scrapped Bolivian Lithium Deal

A lithium deal between Germany…

Find Gas Stations Near You On Oilprice.com

Find Gas Stations Near You On Oilprice.com

No matter where you are…

EIA: U.S. Oil Production To Break Record In 2018

Permian Basin

New data from the Energy Information Administration (EIA) shows the United States on track to produce crude oil at record numbers in 2018, according to a new report by Market Watch.

March’s estimates for output next year had domestic oil production at 9.73 million barrels per day, but this month, the agency predicts a jump to 9.9 million for the same time period.

Based on EIA records that date to 1859, the newly forecasted production levels would be the highest to date.

“U.S. crude oil production is expected to be higher during the next two years than previously forecast, with annual output in 2018…exceeding the previous record level of 9.6 million barrels per day reached in 1970,” Howard Gruenspecht, the EIA’s acting administrator, said in a statement Tuesday.

But experts say high growth in American shale oil ventures could mean even the new forecasts could be too low.

“The main driver is the growth in shale production,” said James Williams, an energy economist at WTRG. “We could easily be at 9.9 [million barrels a day] by next April. I think the average next year should be above 10 million b/d unless the oil price collapses.”

Rapid growth in American shale output has prompted Saudi oil officials to warn of extended oil price volatility if the production hikes continue.

Related: Wall St. Gears Up For The World’s Biggest Oil Trade

We will not bear the burden for free riders this time,” Saudi Oil Minister Khalid told reporters in Houston last month. “Saudi Arabia will not allow itself to be used by others.”

“This is for the benefit of all,” the official added, referring to the Organization of Petroleum Exporting Countries’ (OPEC) recent deal to reduce the bloc’s output by 1.2 million barrels. The group is currently in the process of deciding whether or not to extend the cuts through the second half of 2017.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment
  • Kr55 on April 12 2017 said:
    It will be needed to meet demand with production falling all around the world in higher cost production.

    Role reversal now in the market. Earlier in the year it was longs using up dry powder to defend their position. Now it's the shorts.

Leave a comment

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