The U.S. expects domestic oil production to reach new heights this year and next, and that prices – for both crude and gasoline – will be lower than they were in 2018.
Source: www.nwherald.com
The U.S. is expected to continue its crude oil production dominance over the next two years, as per latest forecasts by the Energy Information Administration. Domestic crude oil production is expected to reach 12.4 million barrels a day in 2019 and 13.2 million barrels a day in 2020. This increase will be primarily driven by Permian Basin in Texas and New Mexico. Last month, the U.S. produced an average of 12 million barrels a day. This continued increase in U.S. oil output is expected to put pressure on the U.S. benchmark WTI oil prices, which are expected to average $54.79 a barrel this year and $58 next year, down from $65 in 2018.
