US crude oil production
The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 1,101,000 bpd (barrels per day) or 13.1% to 9,507,000 bpd on October 13–20, 2017. US crude oil production rose from almost a four-year low. The production had risen by 1,003,000 bpd or 11.8% from the same period in 2016. High US production pressured crude oil (UWT) (DWT) prices in 2017. WTI (West Texas Intermediate) oil (USO) (SCO) prices have fallen 9% year-to-date.
US crude oil production peak and lows
US crude oil production hit an all-time high of 9,600,000 bpd in June 2015. The production rose due to an improvement in technology, higher crude oil prices from 2011 to 2014, and cheaper credit availability. On the other hand, production hit 8,428,000 in July 2016—the lowest level since June 2014. The production fell due to lower crude oil (USL) (OIL) prices and US shale producers’ higher breakeven costs compared to its peers. Changes in oil prices impact oil producers (IXC) (IYE) like Stone Energy (SGY), Energen (EGN), and Denbury Resources (DNR).
EIA’s estimates for US crude oil production
According to the EIA, US crude oil production could average 9.24 MMbpd in 2017 and 9.92 MMbpd (million barrels per day) in 2018. The production averaged 9.4 MMbpd in 2015 and 8.86 MMbpd in 2016.