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Page added on January 25, 2019

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US Oil Production 23 Years Ahead of Schedule

Production

A year ago, the U.S. government saw American crude production averaging 11.95 million barrels a day in 2042. Shale drillers are set to exceed that this year.

The Energy Information Administration now estimates output will top out at 14.53 million barrels a day in 2031, according to its Annual Energy Outlook released Thursday.

Why such a big difference? Near-term prices are higher than what the agency assumed last year, boosting the baseline production, according to the EIA.

The U.S. will be a net exporter of petroleum — and energy in general — next year, years sooner than previous annual estimates, something the EIA flagged in its short-term outlook earlier this month. That’s due to the faster increases in crude and natural gas liquids production, combined with slower demand growth, according to EIA Administrator Linda Capuano.

“America’s move to net exports was supposed to be five or six years off,” said Kevin Book, managing director of the Washington-based consultancy ClearView Energy Partners LLC. “Now it’s next year. That’s big news.”

RIGZONE



2 Comments on "US Oil Production 23 Years Ahead of Schedule"

  1. Davy on Fri, 25th Jan 2019 12:38 pm 

    A serious effort at renewables may allow real exporter status one day. Forecasting shale as the driver of export status is likely flawed considering how dependant shale is on economic conditions.

  2. eugene on Sat, 26th Jan 2019 8:51 am 

    Of course, we’re losing money on much of what we produce but, what the hell, debt never scared most Americans. And now the messiah is promising rebuilt American factories (staffed by the most poorly educated in the industrialized world, a space army, a white America, the most distorted income distribution in history, a competent health care industry, making the rest of the world mind us and a host of other miraculous solutions. All of this, of course, on trillion dollar plus debt each year.

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