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US crude output reaches its all-time high

Oil&Gas Materials 22 April 2019 12:36 (UTC +04:00)

Baku, Azerbaijan, April 22

By Leman Zeynalova – Trend:

US crude oil production rose by 154,000 barrels per day month-on-month to its all-time high of 12.03 million barrels per day in February, Trend reports citing the Joint Organizations Data Initiative (JODI).

The report shows that the country’s crude output rose from 11.871 million barrels per day in January to 12.025 million barrels per day in February.

The Energy Information Administration (EIA) estimates that U.S. crude oil production averaged 12.1 million barrels per day (b/d) in March, up 0.3 million b/d from the February average.

EIA forecasts that U.S. crude oil production will average 12.4 million b/d in 2019 and 13.1 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico.

EIA forecast US lower 48 onshore crude oil production will average 10.5 million b/d in 2020, which is more than 0.2 million b/d above the 2020 forecast in the March STEO.

The higher crude oil production is the result of both higher forecast prices in 2019 that have a lagged effect on production and of data updates that increased drilling levels in the Permian Basin.

Additionally, EIA forecasts Gulf of Mexico offshore crude oil production will average 2.1 million b/d in 2020, which is almost 0.2 million b/d below the 2020 forecast in the March STEO. The lower forecast is the result of model adjustments that updated decline rate forecasts. The net effect of these changes is that forecast total U.S. crude oil production is 0.1 million b/d more than in the March STEO.

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Follow the author on Twitter: @Lyaman_Zeyn

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