US Crude Oil Production Is near a 1-Year High

US crude oil production peaked at 9,600,000 bpd in June 2015. On the other hand, it hit a low of 8,428,000 bpd for the week ending July 1, 2016—the lowest level since June 2014. Since then, US crude oil production has risen ~8.3%.

Lower crude oil prices, higher break-even costs, and higher production costs for US shale oil producers compared to other oil producers led to the fall in US crude oil production in 2016.

However, the recovery in crude oil prices since early 2016 led to the rise in US crude oil drilling activity and US crude oil production in late 2016 and early 2017.

The EIA estimates that US crude oil production will average 9,210,000 bpd and 9,730,000 bpd in 2017 and 2018, respectively. The EIA estimates that US crude oil production will rise to a 48-year high in 2018. US crude oil production averaged 8,880,000 bpd in 2016.
more at:  http://marketrealist.com/2017/03/us-crude-oil-production-near-1-year-high/

Back To Top
Close search
Search