Crude production in the U.S. may top 11 million b/d sooner than expected. In the latest weekly petroleum status report by the Energy Information Administration (EIA), crude production hit 10.8 million b/d. The estimate sets another weekly domestic record, which has been a reoccurring phenomenon in 2018. With 128 more active oil rigs over last year’s count at this time, according to Baker Hughes, Inc., increased crude prices and drilling investment have worked to support growing domestic crude production. When compared to last year at this time, the U.S. is producing roughly 1.5 million b/d more this year. Increased crude production also contributed to crude inventories in the U.S. growing by just over 2 million bbl from the previous week. Total crude stocks now sit at nearly 437 million bbl.
Domestic Crude Production Continues to Soar