EIA: US Oil Production To Rise To New Record In 2020

Crude oil output from the United States is expected to rise to a new record of more than 12 million barrels per day (bbl/d) this year and to climb to nearly 13 million bbl/d next year, the U.S. Energy Information Administration (EIA) said Jan. 15 in its first 2020 forecast.

U.S. crude production is forecast to climb 1.14 million bbl/d to 12.07 million bbl/d in 2019 and an additional 790,000 bbl/d in 2020 to 12.86 million bbl/d, the statistics arm of the U.S. Energy Department said in a monthly report.

The U.S. has become the world’s largest crude producer, boosted by output from shale formations, with production of nearly 11 million barrels in 2018, which broke the country’s annual record set in 1970.