U.S. Oil To Break Production Record In 2018

OilPrice.com ------ The U.S. will break a 47-year record next year, according to the EIA, as shale production continues to recover from the global industry downturn. The highest monthly production the U.S. ever achieved was 10,044 MBOPD, in November 1970. Production in March 2017, the most recent month the EIA has data for, was 9,098 MBOPD. Production has been rising since September. U.S. shale producers seem perfectly comfortable with oil at or around $50/bbl., and many producers are planning significant growth in the next year. This growth will propel the U.S. beyond its previous records in 2018, according to the EIA. The agency predicts production will average 10.01 MMBOPD next year, meaning that individual months are highly likely to exceed the 1970 record. To learn more click on the picture below to read the article.