Report: U.S. Oil Production Could Reach All-Time High in 2017

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According to a new report from Rystad Energy, U.S. oil production could reach an all-time high in 2017, surpassing the previous record of 10.044 million barrels per day set in November 1970.

Based on proprietary and detailed well-level data, analysts with Rystad Energy say as of May 31, 2017, U.S. production has reached 9.4 million barrels per day, and is expected to grow at a monthly rate of 95,000 bpd.

“US oil production has grown faster at 50 USD than any analysts in the market predicted,” said Bjørnar Tonhaugen, VP Oil Markets at Rystad Energy. “As these numbers are getting confirmed, the initial optimism about OPEC’s temporary cuts, may turn to increasing skepticism about OPEC’s choice of policy once the current output deal expires next year.“

 

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