http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-07-11 06:34:512018-07-11 06:34:51EIA Predicts US Oil Production To Top Russia By 2019
EIA Predicts US Oil Production To Top Russia By 2019
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 (EIA) said in a monthly report on July 10.
U.S. oil production has soared, boosted by improved technology for tapping shale formations. Output rose 5.6% last year and is expected to grow 15.4% this year. If the forecasts are realized, that will make the U.S. 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.