U.S. oil production keeps accelerating toward new highs, reported energy research firm Rystad Energy. New records are expected when the final numbers for May emerge and at the end of the year.
Texas alone is expected to soon top 5 million barrels per day in oil production — more than any OPEC member other than Saudi Arabia.
Rystad Energy is raising its forecast for U.S. crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, the firm’s research and calculations point to crude oil production averaging 12.5 million bpd. Both figures would represent new all-time highs.
“Our U.S. supply projections have been revised up yet again. U.S. oil production is already higher than many in the market believe,” said Bjørnar Tonhaugen, head of oil market research at Rystad Energy.
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