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EIA: U.S. crude production to increase through year-end, setting up record 2018

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Published on Oct 18, 2017

#oilwire - #EIA forecasts that #US crude oil production will average 9.4 MMbpd in the second half of 2017, 340,000 bpd more than in the first half of 2017. Production in 2018 is expected to average 9.9 MMbpd, surpassing the previous high of 9.6 MMbpd set in 1970, based on projections in EIA’s Short-Term Energy Outlook (STEO).

The STEO projects that most of the crude oil production growth in the second half of 2017 will be in the Permian region, which extends across western Texas and southeastern New Mexico and has become one of the more active drilling regions in the United States. Production in the Permian continues to increase, in part, as a result of West Texas Intermediate (WTI) crude oil average monthly prices that have remained higher than $45/bbl since the second half of 2016.

In the STEO, EIA publishes crude oil production projections for Alaska, the Federal Gulf of Mexico, and the aggregated Lower 48 states. However, each month in the STEO, EIA models oil production for certain states and regions within the Lower 48 states. STEO’s projected U.S. production changes for the second half of 2017 are discussed in more geographic detail in the latest This Week in Petroleum, which includes information on production in the Permian, Niobrara, Anadarko, Bakken, Eagle Ford, Alaska, California, and the Gulf of Mexico

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