http://www.chron.com/business/energy/article/U-S-crude-production-nears-two-year-high-Energy-12510313.php
U.S. crude production nears two-year high: Energy Department
Published 10:03 am, Friday, January 19, 2018
U.S. shale drillers are expected to hike crude production by the most since August this month as crude prices hover near a two-year high, the Energy Department said.
The Energy Information Administration this week projected daily output from seven major U.S. shale plays to rise by 111,000 barrels to 6.5 million barrels in February, led by a swift rise in the Permian Basin in West Texas.
Related: OPEC sees shale drillers making returns, raising output as costs climb
Producers in the Permian are forecast to lift production by 76,000 barrels a day to 2.87 million barrels a day. In the Eagle Ford Shale in West Texas, output should rise by 15,000 barrels a day to 1.26 million barrels a day.
The EIA's projections come as the International Energy Agency predicts "explosive growth" in U.S. shale plays, a threat to OPEC's efforts to tamp down global production and support prices.
The IEA said on Friday it believes global oil production will rise by 1.7 million barrels a day this year based on rapid increases in the United States and gains in Canada and Brazil. Last year, it said, output rose 700,000 barrels a day.
"Explosive growth in the US and substantial gains in Canada and Brazil will far outweigh potentially steep declines in Venezuela and Mexico," the IEA said in its monthly oil-market report.
