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U.S. crude oil production hits record 12 million bpd

The weekly EIA petroleum data showed as American production is growing faster than forecasts suggested just a few months ago.

U.S. crude oil production hits record 12 million bpd U.S. crude oil production hits record 12 million bpd


Washington, February 25 - Neftegaz.RU. U.S. oil production hit a record 12 million bpd, rising by 100,000 bpd from 11.9 million bpd in the previous week, the weekly EIA petroleum data showed as American production is growing faster than forecasts suggested just a few months ago.

 

In November 2018, the EIA estimated that U.S. oil production would exceed the 12-million-bpd mark in the Q2 of 2019. Earlier forecasts had showed that the 12-million-bpd threshold would be surpassed only in the Q4 of this year.

 

U.S. oil exports also hit an all-time high in the week to February 15 - at 3.607 million bpd, beating the previous record of 3.203 million bpd set in the last week of November 2018, EIA data showed.

 

In its February Short-Term Energy Outlook (STEO) published last week, the EIA estimates that U.S. oil production averaged 12.0 million bpd in January, up 90,000 bpd from December. The EIA now sees U.S. crude oil production averaging 12.4 million bpd this year and 13.2 million bpd next year, and most of the growth would come from the Permian.

 

In the Permian, the EIA estimates in its monthly Drilling Productivity Report published this week that oil production is set to rise above 4 million bpd in March for the 1st time in history. This month, the fastest-growing shale play in the U.S. is producing an estimated average of 3.981 million bpd, which is set to expand by 43,000 bpd in March, to 4.024 million bpd.

 

This will in turn push the total shale oil output of the U.S. up by 84,000 bpd to 8.398 million bpd in March from 8.314 million bpd in February. After the EIA figures showed another record in U.S. crude production, oil prices initially turned lower oamid concerns that soaring American output would be offsetting a large part of the OPEC+ cuts.

 

Author: Tsvetana Paraskova

Source : Neftegaz.RU