US oil production to hit 12.9M b/d by 2020: EIA

According to the United States Energy Information Administration, US oil production is expected to hit 12.9 million barrels per day next year.  

US oil production averaged 10.9 million b/d in 2018

US oil production is forecast to average 12.1 million barrels per day (b/d) in 2019 and climb to almost 13 million b/d in 2020, according to the US Energy Information Administration’s Short Term Energy Report.

The agency reported that in 2018, US crude output averaged 10.9 million b/d.  This year, US oil production is expected to rise 1.14 million b/d to 12.07 million b/d.  In 2020, producers are set to add 790,000 b/d to bring production to 12.86 million b/d.  Most of the growth forecast is coming from the Permian region of Texas and New Mexico

Last year, the US became the world’s largest oil producer, averaging 10.9 million b/d, breaking the old record set in 1970.

“Steady growth from non-OPEC countries, including the United States, headlines the forecast for global crude oil production through 2020,” EIA administrator Linda Capuano said in comments following the release of the forecast. “We expect the United States to remain the world’s largest producer.”

The EIA forecasts that net imports will continue to fall to an average of 1.1 million b/d in 2019, and to less than 0.1 million b/d in 2020. In the fourth quarter of 2020, EIA forecasts the United States will be a net exporter of crude oil and petroleum products, by about 0.9 million b/d.

As well, the EIA forecasts that diesel and other distillate fuel demand will rise 20,000 b/d to 4.15 million b/d this year and 4.19 million b/d in 2002.  Gasoline demand hit 9.29 million b/d in 2018, down from 9.31 million b/d in 2017.  The EIA predicts gasoline demand will hit 9.35 million b/d in 2019 and maintain that level in 2020.



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