US Crude Oil Production On-Target for All-Time Record in Early 2016

Since mid-2011, US monthly field production of crude oil has been consistently rising at an annualized rate of one million barrels/day. At this rate of increase, the United States will surpass the November 1970 all-time monthly record of 10.04 million barrels/day by February 2016. Back in December 2013, the US-EIA projected that "in 2016, [annual] crude oil production is expected to be close to the historical high of 9.6 million barrels per day, a record set in 1970." However, the rate of rise has been so rapid over the past nearly three years that the US-EIA annual estimate for 2016 from only a few months ago now appears conservative. If a new monthly production peak is set early in 2016 -- and the rate of growth continues through the remainder of that year -- then 2016 should see the USA easily set a new annual production record, probably somewhere between 10.5 to 11.0 million barrels/day. As the 21st century American oil revolution continues, the 1970 peak...(Read Full Post)