U.S. Becomes World Largest Oil Producer?

By: Sam Stires / August 2, 2018

Early in 2018, United States crude oil production was around 9.492 million barrels per day. Since that time, U.S. crude output has remained above the 10 million barrel a day mark and currently stands around 10.7 million over the last month. The rapid increase in U.S. production is due to the thriving shale industry. However, there are some concerns over the Permian Basin, the United States largest shale region, with limited pipeline transportation.

“In 2019, EIA forecasts that the United States will average nearly 12 million barrels of crude oil production per day,” said Linda Capuano, Administrator of the EIA. “If the forecast holds, that would make the U.S. the world’s leading producer of crude.”

sam

What is next for U.S. crude oil production in 2018? Here is what to expect:

-U.S. to become the world largest crude oil producer by end of 2018

-U.S. crude oil production to continue to increase in the second half of 2018

-U.S. crude oil production is expected to reach to 11.8 million barrels per day by the end of 2018

There are many questions to be answered going forward. Will U.S. crude oil continue to increase? Will U.S. take the throne as world’s largest oil producer? Could the bottleneck in the U.S. shale region, the Permian Basin, affect output? With the U.S. continuing to set records on production over the last several months, the outlook for U.S. oil production looks up.

https://oilindustryinsight.com/oil-gas/insights/us-to-become-the-world-largest-oil-producer-by-end-of-2018/

https://www.eia.gov/dnav/pet/PET_SUM_SNDW_A_EPC0_FPF_MBBLPD_W.htm

https://www.bloomberg.com/news/articles/2018-07-10/u-s-set-to-become-world-s-top-oil-producer-government-says

https://oilprice.com/Energy/Energy-General/Shale-CEO-US-To-Be-The-Worlds-Top-Oil-Producer-By-Fall.html

 


Categories: United States, Fuel, crude oil, Crude Exports, US crude, Industry Update


Sam Stires

Written by

Sam Stires

My customers can expect promptness in service and attention to detail in all aspects of our professional relationship. Combining sales and interpersonal skills, I develop a strategy for each of my unique customers’ needs. I believe effective communication and trust are the building blocks to creating a long lasting partnership.


Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.


Comments

Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

Categories

Contact Us