Over the past year, US oil production grew by 11%, authorities expect further growth in the next two years.
At the end of 2019, daily oil production in the United States reached a record of 12.23 million barrels, which is 11% higher than a year earlier. This is stated in the message of the Energy Information Administration of the US Department of Energy on Monday, March 2.
It is noted that in November last year a record monthly level of production was reached at that time вЂ” 12.86 million barrels per day. However, production growth slowed down compared to 17% in 2018.
According to the report, most of the oil was produced in Texas вЂ” 5.07 million barrels per day, or 41% of the total. At the same time, production in Texas has increased by 333% since 2010, the EIA notes.
Annual oil recovery records have also been set in New Mexico, the Gulf of Mexico, Colorado and North Dakota. At the same time, for several consecutive years, production continues to decline in Alaska and California.
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It is worth noting that in 2020 and 2021, the United States expects oil production at the level of 13.2 million and 13.6 million barrels per day, respectively.
It was previously reported that oil demand will decline in the first quarter of 2020 for the first time in more than 10 years due to the effects of the outbreak of coronavirus in China.