Tuesday 9 April 2019

US crude oil production hit new record in 2018

US crude oil production hit new record in 2018

Crude oil production in the US reached a record level of 10.96 million barrels per day (b/d) last year.

It was 1.6 million b/d or 17% higher than levels seen in 2017, according to latest statistics from the US Energy Information Administration (EIA).

It found production in December 2018 reached 11.96 million b/d – the highest monthly level seen in US history.

Production of crude oil is said to have significantly increased over the past 10 years, driven mainly by production from tight rock formations using horizontal drilling and fracking.

EIA projects it will continue to grow in 2019 and 2020, averaging 12.3 million b/d and 13 million b/d respectively.

The report suggests Texas continues to produce more crude oil than any other state or region in the US, making up 40% of the national total last year.

It has held the top position nearly every year since 1970, apart from 1988, when Alaska produced more crude oil and from 1999 through 2011, when production from the Federal Offshore Gulf of Mexico region was higher.

Crude oil production in Texas averaged 4.4 million b/d in 2018 and reached a record-high monthly production level of 4.9 million b/d in December 2018.

Its annual production increase of almost 950,000 b/d last year - driven by significant growth within the Permian region in western Texas - was nearly 60% of the total U.S. increase.

Written by

Bruna Pinhoni

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