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Wednesday, May 9, 2018

US crude oil output to hit 12 million bopd in late 2019 -- EIA. Link here.

U.S. crude oil production is expected to rise more than previously expected to 12 million barrels per day by the fourth quarter of 2019, the U.S. Energy Information Administration said on Tuesday in a monthly report.

The agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to 11.86 million bpd on average next year, according to the short term energy outlook. Last month, it expected a 750,00-bpd year-over-year increase to 11.44 million bpd. Overall, the agency's forecast has increased by more than 1 million bpd since January.

The forecast projects that U.S. crude output could reach 12 million bpd by the fourth quarter of 2019, nearly 500,000 bpd above previous estimates for production in that quarter.

The agency lifted its 2018 production estimate to 10.72 million bpd, expecting growth of 1.37 million bpd, according to the report.

Unfortunately it's the wrong kind of oil. 

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