Thursday, August 17, 2017
(August 17, 2017) Total U.S. crude oil production is forecast to average 9.3 MMbbld in 2017, up 0.5 MMbbld from 2016, according to the Energy Information Administration’s (EIA) Short-Term Energy Outlook. In 2018, EIA expects production to reach an average of 9.9 MMbbld, which would surpass the previous record of 9.6 MMbbld set in 1970. EIA projects that most of the growth in U.S. oil production through the end of 2018 will come from tight rock formations within the Permian region in Texas and from the Federal Gulf of Mexico.