MassiveIndustry

(Thu, 23 Aug 2018) EIA’s August <em>Short-Term Energy Outlook</em> (STEO) forecasts that U.S. crude oil production will average 10.7 million barrels per day (b/d) in 2018 and 11.7 million b/d in 2019. If realized, both of these forecast levels would surpass the previous record of 9.6 million b/d set in 1970. This national increase is almost entirely driven by tight oil. In particular, the Permian region in western Texas and eastern New Mexico is expected to account for more than half of the growth in crude oil production through 2019.