U.S. crude output to surpass 12 mln bpd by mid 2019
For 2019, production is expected to rise 1.16 million bpd from the prior year, more than EIA's previous forecast for a 1.02-million bpd rise.
The agency's monthly report said EIA expects production to surge above 12 million bpd in the second quarter of 2019, sooner than its previous estimate of the fourth quarter.
Output this year is forecast to rise by 1.55 million bpd to 10.90 million bpd. That projected increase is an upward revision from its earlier estimate of a 1.39 million bpd rise.
A shale revolution has helped push U.S. crude production to record highs, rivaling top producer Russia and outpacing Saudi Arabia. Russian oil output reached another 30-year high of 11.41 million barrels per day in October. ■