USA oil output to surpass record earlier than expected

Consumer Price Index

That would match the all-time monthly record of 10.04 million bpd set in November 1970; oil production declined after that as the United States increasingly relied on imported crude.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.4 million barrels, EIA said. They see production this year at 10.27mbpd compared to 10.02m in their previous estimate. That will be the first time production has reached that level since 1970. If the prediction is accurate, the USA would become the top oil producer in the world and beat both Saudi Arabia and Russian Federation for the first time since 1975. Production is expected to grow even more in 2018. Now the EIA says it should come in at 10.51 million barrels a day by the fourth quarter, up 2.8 percent from the last projection; by the end of 2019, it could reach 11.04 million barrels a day. "Domestically, things are lining up in terms of moderate prices and increased opportunity for production".

"There must be a special factor at play, perhaps the extreme winter weather in North Dakota, which hampered shale oil production in the Bakken", said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany.

"Led by US production, particularly in the Permian Basin, and new oil sands projects in Canada, non-OPEC production is forecast to continue growing through the end of 2019", EIA acting Administrator John Conti said in a statement.

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The API reported late Wednesday an extremely large draw of 11.19 million barrels of United States crude oil inventories for the week-ending January 5, marking six straight draws in as many weeks.

Experts expect that commercial oil reserves in the U.S.

West Texas Intermediate (WTI) crude will average 55.33 US dollars a barrel this year, the EIA said, up from last month's estimate of 52.77 dollars, and 57.43 dollars in 2019. Demand is expected to climb an additional 340,000 bpd in 2019 to 20.65 million bpd, the agency said.

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