07172018Tue
Last updateTue, 17 Jul 2018 6pm

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U.S. Crude Oil Production Capacity Has Reached 10M/bpd

Data released today from EIA for October largely confirms earlier predictions by Rystad Energy that U.S. oil production could reach 10 million barrels per day (bpd) at the end of 2017. Strong growth of U.S. onshore production in October was masked by impacts of hurricane Nate on offshore production in the Gulf of Mexico which was down as much as 250 thousand bpd below monthly capacity. Still the new data comes out as much as 330 thousand bpd higher than previous government predictions, and Rystad Energy expects EIA now would lift predictions for December close to an all-time high. Rystad Energy further predicts U.S. crude oil production could pass the levels of both Saudi Arabia and Russia within a year from now. 

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