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Global and Regional Markets

US Gulf of Mexico crude production to continue at record highs through 2019

Source: U.S. Energy Information Administration, Short-Term Energy Outlook

US crude oil production in the Federal Gulf of Mexico (GOM) increased slightly in 2017, reaching 1.65 million bbl/day, the highest annual level on record. Although briefly hindered by platform outages and pipeline issues in December 2017, oil production in the GOM is expected to continue increasing in 2018 and 2019, based on forecasts in the EIA’s latest Short-Term Energy Outlook (STEO). EIA expects the GOM to account for 16% of total US crude oil production in each year...

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US crude production grew 5% in 2017, likely will lead to record 2018 production

Source: U.S. Energy Information Administration, Petroleum Supply Monthly.

Annual average US crude oil production reached 9.3 million barrels per day (bbl/day) in 2017, an increase of 464,000 bbl/day from 2016 levels after declining by 551,000 bbl/day in 2016. In November 2017, monthly US crude oil production reached 10.07 million bbl/day, the highest monthly level of crude oil production in US history. US crude oil production has increased significantly over the past 10 years, driven mainly by production from tight rock formations using horizontal drilling and hydraulic fracturing. EIA projects that US crude oil production will continue to grow in 2018 and 2019, averaging 10.7 million bbl/day and 11.3 million bbl/day, respectively...

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