U.S. crude oil production will climb to a record annual average of 10M bbl/day next year for the first time, the Energy Information Administration forecasts.
The tally would mark the highest daily U.S. production rate since November 1970, when production totaled nearly 10.05M bbl/day and averaged a record 9.64M bbl/day for the full year.
"Increased drilling activity in U.S. tight oil basins, especially those located in Texas, is the main contributor to oil production growth, as the total number of active rigs drilling for oil in the United States has more than doubled over the past 12 months," the EIA says.
The agency leaves its forecast for this year's U.S. production unchanged at 9.33M bbl/day, and sees WTI crude averaging $50.78/bbl this year and $53.61/bbl in 2018, the latter figure lower than its forecast of $55.10 in last month's short-term energy outlook.
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