Crude oil output from the United States is expected to rise to a new record of more than 12 million barrels per day (bbl/d) this year and to climb to nearly 13 million bbl/d next year, the U.S. Energy Information Administration (EIA) said Jan. 15 in its first 2020 forecast.
U.S. crude production is forecast to climb 1.14 million bbl/d to 12.07 million bbl/d in 2019 and an additional 790,000 bbl/d in 2020 to 12.86 million bbl/d, the statistics arm of the U.S. Energy Department said in a monthly report.
The U.S. has become the world's largest crude producer, boosted by output from shale formations, with production of nearly 11 million barrels in 2018, which broke the country's annual record set in 1970.
"Steady growth from non-OPEC countries, including the United States, headlines the forecast for global crude oil production through 2020," Linda Capuano, EIA administrator said in comments issued following the forecast. "We expect the United States to remain the world’s largest producer.”
The forecast indicates that the U.S. will become a net crude exporter in late 2020.
U.S. demand for diesel and other distillate fuels is expected to rise 20,000 bbl/d to 4.15 million bbl/d in 2019 and to rise to 4.19 million in 2020, the agency said.
U.S. gasoline demand in 2018 was seen at 9.29 million bbl/d, down from 9.31 million bbl/d previously. Gasoline demand is expected to rise to 9.35 million bbl/d in 2019 and to hold that level in 2020, the EIA said.