U.S. oil production may rise to as much as 14 million barrels of oil per day (bpd) by 2020, Secretary of the Interior Ryan Zinke told Fox Business on Wednesday.
“Today we are the largest oil and gas producer on the face of the planet, rolling through 11.2 million bpd, on our way to 14,” Secretary Zinke said.
There are some hurdles, we have to get the infrastructure, but the production side of it is well within the capability of going to 14 million bpd, he added.
In its October Short-Term Energy Outlook (STEO), the Energy Information Administration (EIA) said that U.S. crude oil production averaged 11.1 million bpd in September, up slightly from the oil production in August. The EIA expects U.S. crude oil production to average 10.7 million bpd this year, rising from 9.4 million bpd in 2017. U.S. oil production will average 11.8 million bpd in 2019, EIA’s latest estimate shows.
U.S. production is and will continue to be driven by the shale patch, most notably the Permian, although takeaway capacity constraints are slowing down the growth and widening the differential of WTI to Brent.