U.S. crude oil production set another record last week, reaching 12.1 million barrels per day, the latest Energy Information Administration data revealed.
The new record was up 100,000 barrels per day from the previous week’s total – itself a record, Kallanish Energy reports.
U.S. Crude Production Keeps Climbing
|Week ending||Million barrels per day (Mmbpd)|
The 12 Mmbpd mark reached during the week ended Feb. 15, ended five consecutive weeks when crude production in the States remained stuck at 11.9 Mmbpd.
One thing is indeed revealing about the U.S. production marks: Production is rising faster than forecast.
Last November, EIA projected U.S. crude oil production would exceed 12 Mmbpd in the second quarter of 2019. Earlier forecasts stated the 12 Mmbpd threshold would be surpassed in the fourth quarter of this year.
In its February Short-Term Energy Outlook (Steo), EIA projected U.S. crude production averaged 12.0 Mmbpd in January, up 90,000 Bpd from December.
EIA now sees U.S. crude oil production averaging 12.4 Mmbpd this year and 13.2 Mmbpd in 2020, with most of the growth coming from the Permian Basin.
In the Permian, the EIA estimates in its monthly Drilling Productivity Report published last week crude oil production will rise above 4 Mmbpd in March for the first time in history.
This month, the fastest-growing shale play in the U.S. and possibly the world is producing an estimated average of 3.98 Mmbpd, which is set to grow by 43,000 Bpd in March, to more than 4.02 Mmbpd.
This post appeared first on Kallanish Energy News.