Today’s AAA National Average $2.518

Price as of 2/25/18

New Records for U.S. Crude Production Expected in 2018

New Records for U.S. Crude Production Expected in 2018

January 18,2018

Released this week, the Energy Information Administration’s (EIA) first Drilling Productivity Report for 2018 estimates that crude oil production in the U.S. will climb by 111,000 b/d next month. The increase will help put production on track to average 10.3 million barrels per day in 2018 – which would be a new record for U.S. crude production. According to the EIA report, the Permian region (covering parts of New Mexico and Texas) continues to rank as the highest producer of the seven major production regions located in the continental U.S. It is estimated to rise by 76,000 b/d in February to 2.87 million b/d. Moreover, increased production from the Permian region accounts for most of the projected increase in the U.S. total this year. At 1.257 million b/d, the Eagle Ford region (solely in Texas) is the second largest producer. It is estimated to increase by 15,000 b/d next month.