Despite takeaway capacity constraints, the Permian region is expected to drive U.S. crude oil production growth through 2019 (7/18/2018)

In the July update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil production will average 10.8 million barrels per day (b/d) in 2018 and 11.8 million b/d in 2019. If realized, both of these forecast levels would surpass the previous record of 9.6 million b/d set in 1970. EIA's monitoring of current rig activity in several producing regions suggests continued production growth from tight-oil formations, such as shale in the Permian region, is driving overall U.S. production increases (Figure 1). ... More »