US Oil Output Will Hit 11 MMBOPD in 2019

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The nuclear share of generation was 20% in 2017 and is forecast to average 20% in 2018 and 19% in 2019.

The oil price has recently witnessed an increasing trend up to the point that it once reached more than 68 dollars per barrel.

Oman's oil minister Mohammed bin Hamad al-Rumhi also said on Friday he was not concerned about the current rise in oil prices and that he expected prices to trade within a "healthy" range of $65 to $70 a barrel for a few weeks.

A survey of analysts by commodity pricing group S&P Global Platts revealed expectations of a 3.5 million barrel draw on crude oil inventories in the United States, the world's leading economy.

US Oil Output Will Hit 11 MMBOPD in 2019
US Oil Output Will Hit 11 MMBOPD in 2019

Iranian Oil Minister Bijan Zangeneh said Tuesday that prices this year were supported in part by OPEC commitments, but also by demand strains from severe winter weather. This condition was most likely the result of over-production that drove prices down over the last five years.

"Led by US production, particularly the Permian Basin, and now new oil sands projects in Canada, non-OPEC production is forecast to continue growing through the end of 2019", John Conti, the EIA's acting administrator, said in a statement.

Expectations of another drain on US crude oil inventories supported a soft increase in oil prices early Tuesday, though a reversal may be overdue.

US production for 2017 averaged an estimated 9.3 million bpd, and is estimated to have averaged 9.9 million bpd in December, EIA said. These levels of USA crude oil output are expected to continue increasing in 2019 to an average of 10.8 million b/d.

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US crude oil production is expected to hit 10 million bpd next month, behind only Russian Federation and Saudi Arabia.

USA shale is expected to continue to counteract OPEC production cuts this year.

Traders and market watchers for much of the week said they expected U.S. President Donald Trump to go against the principles of the Joint Comprehensive Plan of Action and not extend waivers to Iran.

That would match the all-time monthly record of 10.04 million bpd set in November 1970; oil production declined after that as the United States increasingly relied on imported crude.

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Only Russia C-RU-OUT and Saudi Arabia PRODN-SA have produced more crude, hitting peak output of over 11 million bpd and about 10.7 million bpd respectively in recent years.

In the Bakken production is expected to average 1.2 million bpd this year and 1.3 million bpd in 2019, up from 1.1 million bpd in 2017.

Overall, dry natural gas production averaged 73.6 billion cubic feet per day in 2017, up 1 percent from 2016. EIA said if the 6.9 bcf increase is achieved in 2018, it would be the highest on record. A weaker dollar generally boosts oil, which is priced in the US currency.

The best grades of USA crude are now priced at almost $63 a barrel, high enough to convince shale oil producers to expand drilling and production.

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