In its first forecast of the nation’s energy position in 2015, the U.S. Energy Information Administration projected Tuesday that oil producers will increase production by about 750,000 barrels of oil per day in 2015. That’s a drop from an expected daily increase of 1.03 million barrels in 2014 and the growth of the past two years.
Falling oil prices could dampen the incentive for energy companies to produce as much crude in 2015
EIA expects strong crude oil production growth, primarily concentrated in the Bakken Eagle Ford, and Permian regions, continuing through 2015. Forecast production increases from an estimated 7.5 million bbl/d in 2013 to 8.5 million bbl/d in 2014 and 9.3 million bbl/d in 2015. The highest historical annual average U.S. production level was 9.6 million bbl/d in 1970.
The EIA’s projected daily production of 9.3 million barrels per day in 2015 comes close to levels in 1972.