Reuters | Reuters Staff | July 10, 2018
NEW YORK (Reuters) – U.S. crude oil production is expected to average more than 12 million barrels per day late next year for the first time ever, the U.S. Energy Information Administration said in a monthly report on Tuesday.
U.S. oil production has soared, boosted by improved technology for tapping shale formations. Output rose 5.6 percent last year and is expected to grow 15.4 percent this year. If the forecasts are realized, that will make the United States the world’s largest crude producer, surpassing Russia.
“Production growth in the United States, Brazil, Canada, and Russia will make up the majority of total global supply growth in 2019,” EIA Administrator Linda Capuano said in a statement after the report was released.
The agency increased its 2019 average forecast by 40,000 bpd to 11.80 million bpd, and increased its forecast for the fourth quarter of that year by 50,000 bpd to 12.02 million.
U.S. crude production this year is expected to be 10.79 million bpd, unchanged from last month’s forecast, according to the agency, which is the statistical arm of the U.S. Department of Energy.