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Last updateWed, 23 Aug 2017 6pm

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EIA Raises 2017, 2018 U.S. Crude Production Forecasts

The U.S. Energy Information Administration (EIA) forecasts that global petroleum and liquid fuels inventories will be largely unchanged in 2017 and then increase by an average of 0.2 million b/d in 2018.

U.S. crude oil production averaged an estimated 8.9 million barrels per day (b/d) in 2016 and is forecast to average 9.3 million b/d in 2017. EIA forecasts crude oil production to average 9.9 million b/d in 2018, which would mark the highest annual average production in U.S. history, surpassing the previous record of 9.6 million b/d set in 1970. 

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