US oil production may hit 12m bpd by mid-2019 – EIA

The United States (US) crude oil production may hit 12 million barrels per day (bpd) by mid-2019, Energy Information Agency (EIA) has said.

The agency in its November 2018 report said the US remained the largest producer of crude oil globally as it produces 11.6million bpd, which is 800,000 bpd and 700,000 bpd ahead of Russia and Saudi Arabia. In the report entitled: Updates on Crude Movements among Oil Producing Countries, it said US would maintain its leadership position for some time in the event that the country is able to sustain its crude oil production.

“That is a threshold increase from the US low reached a decade ago and a 22.2 per cent rise just this year. The feat makes the US the world largest producer of crude. More US oil will likely come.US is expected to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production”

Source: The Nation



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