U.S. crude oil production grew 17% in 2018, surpassing the previous record in 1970

Annual U.S. crude oil production reached a record level of 10.96 million barrels per day (b/d) in 2018, 1.6 million b/d (17%) higher than 2017 levels. In December 2018, monthly U.S. crude oil production reached 11.96 million b/d, the highest monthly level of crude oil production in U.S. history. U.S. crude oil production has increased significantly over the past 10 years, driven mainly by production from tight rock formations using horizontal drilling and hydraulic fracturing. EIA projects that U.S. crude oil production will continue to grow in 2019 and 2020, averaging 12.3 million b/d and 13.0 million b/d, respectively. Source: Today in Energy – U.S. crude oil production grew 17% in 2018, surpassing the previous record in 1970

Continue reading U.S. crude oil production grew 17% in 2018, surpassing the previous record in 1970. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply