WASHINGTON (Pakistan Point News / Sputnik - 15th January, 2020) US oil production is expected to reach a record high of 13.7 million barrels per day by 2021, the Energy Information Administration (EIA) said in a report on Tuesday.
"We forecast US crude oil production will reach new records in 2020 and 2021," the EIA said in the US Short-Term Energy Outlook for January. "Driven primarily by higher production in the Permian region of Texas and New Mexico, the outlook forecasts an average of 13.3 million barrels per day of US crude oil production in 2020 and 13.7 million barrels per day in 2021."
The Permian is one the United States' most prolific shale oil basins, responsible for helping the country become a net oil exporter by last year.
While US crude production as a whole hit a record high of 12.9 million barrels per day in 2019, shale oil output was somewhat restrained last year. US crude producers as a whole cut the number of actively-operating oil rigs in the country to 677 last year from 885 at the end of 2018 - a drop of 208 rigs or 24 percent.
