EIA forecasts over 8 million barrels per day of US crude oil production by Dec, 2014

Crude oil production increased by 790,000 barrels per day (bbl/d) between 2011 and 2012, the largest increase in annual output since the beginning ofU.S. commercial crude oil production in 1859. The U.S.Energy Information Administration (EIA) expects U.S. crude oil production to continue rising over the next two years represented in the Short‐Term Energy Outlook (STEO).

U.S. crude oil output is forecast to rise 815,000 bbl/d this year to 7.25 million barrels per day, according to the February 2013 STEO. U.S. daily oil production is expected to rise by another 570,000 bbl/d in 2014 to 7.82 million barrels per day,the highest annual average level since 1988. Most of the U.S. production growth over the next two years will come from drilling in tight rock formations located in North Dakota and Texas.

The latest weekly US crude oil production is 7.18 million barrels per day.

The Western Gulf Basin (Eagle Ford in Texas) and the Permian Basin (in Texas) have mroe total production and production growth than the Williston Basin (North Dakota).

If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks

logo

Don’t miss the latest future news

Subscribe and get a FREE Ebook