(MENAFN- Trend News Agency ) Baku, Azerbaijan, July 12
By Elena Kosolapova – Trend:
The US Energy Information Administration's (EIA) expects that oil production in the US will reach a record level in 2018, according to its July 2017 Short-Term Energy Outlook (STEO).
'In 2018, crude oil production is forecast to rise to an average of 9.9 million barrels per day. If achieved, forecast 2018 production would be the highest on record, surpassing the previous record of 9.6 million barrels per day set in 1970,' EIA said.
The 2018 forecast is 0.1 million barrels per day lower than in last month's STEO because of lower forecast crude oil prices in late 2017 and in 2018.
In 2017 US oil production is forecast at 9.3 million barrels per day, up 0.5 million barrels per day from 2016.
According to the EIA, US oil production is forecast to reach 10.1 million barrels per day in December 2018, which would be 0.9 million barrels per day higher than the June 2017 level and a 1.4 million barrels per day increase since the end of 2016.
Increased production from tight rock formations within the Permian and Eagle Ford regions in Texas and the Bakken region in North Dakota accounts for 1.1 million barrels per day of the expected 1.4 million barrels per day of crude oil production growth from the end of 2016 through the end of 2018.
Most of the remaining 0.3 million barrels per day increase is expected to come from the Federal Gulf of Mexico, as seven new projects are expected to come online by the end of 2018.
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