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Title : 9.8 Million; 10 Million; Now 11 Million -- January 10, 2018
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9.8 Million; 10 Million; Now 11 Million -- January 10, 2018

EIA now says US crude oil production is expected to climb to more than 10 million bbls early in 2018, and will then hit an all-time high in 2019, supassing 11 million bopd. Reuters is reporting:

Much of the production growth will be concentrated in the Permian Basin, the largest U.S. oilfield stretching across Texas and New Mexico, said John Staub, the EIA director of the office of petroleum, natural gas and biofuels analysis. As a result, pipeline capacity constraints should not be a major limiting factor in starting new production, he said.

Despite the rising production, oil prices edged higher on Tuesday, with U.S. crude touching its highest since December 2014. The market was supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week. Oil traders have closely watched U.S. crude production to see whether output gains from U.S. shale formations will surpass the 1.8 million bpd cuts.

U.S. demand growth of 150,000 bpd was estimated for 2017, slightly lower than previous expectations. The agency increased its demand estimates for 2018 to 470,000 bpd from 410,000 bpd. Demand is expected to climb an additional 340,000 bpd in 2019 to 20.65 million bpd, the agency said.

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