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US Expects Record Domestic Oil Production in 2019, 2020

U.S. oil production is expected to reach a new record high this year. U.S. oil production is expected to reach a new record high this year. |  Photo: Jon Ellis/WDIO-TV, file

Created: February 12, 2019 12:12 PM

The U.S. says domestic oil production levels will reach new heights this year and next, and that prices will be lower than they were in 2018.

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The U.S. Energy Information Administration said Tuesday that it expects the United States to pump 12.4 million barrels of crude a day in 2019 and 13.2 million barrels a day in 2020. The January average was 12 million barrels a day, up 90,000 from December.

Most of the increase is expected to come from Texas and New Mexico.

The energy agency expects U.S. benchmark crude to cost less than $55 a barrel this year and $58 next year, down from $65 in 2018. It expects internationally traded oil to be $61 this year and $62 next year, down from $71 in 2018.

Copyright 2019 The Associated Press. All rights reserved.

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