According to the EIA, U.S. crude oil production averaged 12 million barrels per day (b/d) last week, down by 300,000 b/d from the previous week and up by about 1 million b/d year-on-year. The decrease came after two consecutive weeks of increase.
In its latest Short-Term Energy Outlook (STEO) released last week, EIA forecast annual U.S. crude oil production will average 12.4 million b/d in 2019 and 13.3 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico.
Latest comments