Forecast: US Crude Oil Production Will Rise 15% in 2018

According to the EIA (U.S. Energy Information Administration), in 2017, average annual US crude oil production was 9.3 million barrels per day, an increase of 464,000 bpd (barrels per day) compared to 2016. In contrast, production fell 551,000 bpd in 2016 compared to 2015. The EIA has forecast that US crude oil production will average 10.7 million bpd in 2018, a rise of 15% annually. In 2019, crude oil production is expected to average 11.3 million bpd, a rise of ~6% annually.