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"03.jpg", images[4] = "04.jpg", images[5] = "05.jpg", images[6] = "06.jpg", images[7] = "07.jpg", images[8] = "08.jpg", document.getElementById("rotatortwo").style.backgroundImage = "url(" + dir + images[randomCount] + ")"; </script> <div class="container content"> <div class="row"> <div class="col-lg-9 col-md-9 padright"> <p style="font-size:11px;margin-top:30px;">Monday, February 20th, 2017 and is filed under <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/oil-and-gas-current-events/" rel="category tag">Oil and Gas Current Events</a>, <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/oil-and-gas-interesting-facts/" rel="category tag">Oil and Gas Fun Facts</a>, <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/permian-basin-oil-news/" rel="category tag">Permian Basin Oil News</a>, <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/texas-oil-and-gas-investing/" rel="category tag">Texas Oil and Gas Investing</a></p> <p><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/wp-content/uploads/us-oil-production.jpg" data-rel="lightbox-image-0" data-rl_title="" data-rl_caption="" title=""><img loading="lazy" class="alignleft size-full wp-image-14541" src="https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-oil-production.jpg" alt="US Oil Production" width="450" height="251" srcset="https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-oil-production.jpg 450w, https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-oil-production-300x167.jpg 300w" sizes="(max-width: 450px) 100vw, 450px"/></a>As a result of expected OPEC production cuts, U.S. crude oil production could reach levels not seen since 1970. According to the EIA’s Short-Term Energy Outlook, domestic crude production could average <a href="https://web.archive.org/web/20210919195911/http://www.eia.gov/outlooks/steo/">9.53 million barrels per day in 2018</a>. That would be record crude production for the U.S. except for the 9.64 million barrels per day average seen in 1970.</p> <p><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil.png" data-rel="lightbox-image-1" data-rl_title="" data-rl_caption="" title=""><img loading="lazy" class="aligncenter size-full wp-image-14537" src="https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil.png" alt="US Field Production of Crude Oil" width="1018" height="434" srcset="https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil.png 1018w, https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil-300x128.png 300w, https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil-768x327.png 768w" sizes="(max-width: 1018px) 100vw, 1018px"/></a></p> <p>In a recent Bloomberg article, Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said, “Shale operators are more bullish with crude trading above $50. I’m sure that from Riyadh to Caracas people in oil ministries are watching the U.S. rig count with avid interest and a bit of dismay.”</p> <p>The Permian Basin is expected provide much of the increased production in 2018 now that cost reductions and new technology have lowered the breakeven points to $50 per barrel and below. The Wolfcamp Midland and Wolfcamp <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/delaware-basin/">Delaware</a> regions of the Permian have some of the best breakeven points of any shale basin in the U.S., averaging around $42 per barrel according to <a href="https://web.archive.org/web/20210919195911/https://www.bloomberg.com/gadfly/articles/2017-02-02/oil-prices-70-s-the-new-100-for-shale-breakevens" target="_blank" rel="noopener">Wood Mackenzie</a>.</p> <p>Some of the highlights of the EIA’s Short-Term Energy Outlook were as follows:</p> <ul> <li>U.S. crude oil production averaged an estimated 8.9 million b/d in 2016. U.S crude oil production is forecast to average 9.0 million b/d in 2017 and 9.5 million b/d in 2018.</li> <li>Benchmark North Sea Brent crude oil spot prices averaged $55/barrel (b) in January, a $1/b increase from December. This price was $24/b higher than the January 2016 average, and it was the highest monthly average for Brent spot prices since July 2015.</li> <li>EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The NYMEX contract values for April 2017 delivery traded during the five-day period ending February 2 suggest that a range from $45/b to $65/b encompasses the market expectation of WTI prices in April 2017 at the 95% confidence level.</li> <li>U.S. regular gasoline retail prices are expected to decrease from an average of $2.35/gallon (gal) in January 2017 to an average of $2.27/gal in February and then rise to $2.33/gal in March. U.S. regular gasoline retail prices are forecast to average $2.39/gal in 2017 and $2.44/gal in 2018.</li> </ul> <p>As <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/oil-prices-expected-to-recover-somewhat-in-2017/">oil prices</a> continue to recover and oil demand continues to grow throughout the world, we will likely see a steady uptick in domestic production and an area to keep an eye on is the <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/permian-basin/">Permian Basin</a>.</p> <p><span style="color: #ff0000;"><strong>RELATED >></strong></span> <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/2017-oil-outlook/">2017 Oil Outlook</a></p> <p><a href="https://web.archive.org/web/20210919195911/http://www.txoilinvestments.com/"><img loading="lazy" class="aligncenter size-full wp-image-9280" src="https://web.archive.org/web/20210919195911im_/https://www.arescotx.com/wp-content/uploads/gulf-coast-oil-investment-opportunities.gif" alt="Gulf Coast Oil Investment Opportunities" width="728" height="40"></a></p> <div class="nextpages"></div> <div style="padding-top:30px;"> <ul class="pager">  <li class="nav-previous"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/permian-to-corpus-pipeline-proposed-by-texstar/" rel="next">Previous</a></li>  <li class="nav-bloghome"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/latest-news/"><span class="icon"></span>All Posts</a></li>  <li class="nav-next"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/record-crude-exports-to-asia-expected-in-february/" rel="prev">Next</a></li> </ul> </div> <ul class="pager"> <li></li> <li></li> </ul> </div> <div class="col-lg-3 col-md-3 sidebar"> <p class="titles">Recent Posts</p> <ul> <li> <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/eagle-ford-shale-production-shattering-records-in-texas/">Eagle Ford Shale Production Numbers Luring Investors to the Region</a> </li> <li> <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/why-invest-in-north-american-energy-and-why-now/">Why invest in North American energy, and why now?</a> </li> <li> <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/texas-tops-oil-and-gas-investments/">Texas Tops Oil and Gas Investments</a> </li> <li> <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/vertical-wells-still-a-mainstay-of-oil-production-in-oklahoma/">Vertical Wells Still a Mainstay of Oil Production in Oklahoma</a> </li> <li> <a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/when-was-fracking-first-used/">When was fracking first used?</a> </li> </ul> <p class="titles">Categories</p> <ul> <li class="cat-item cat-item-14"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/new-mexico-oil-and-gas-investing/" title="New Mexico oil and gas investing news, blogs, and videos by Aresco LP. See why now is the time to invest in the oil and gas industry in New Mexico. ">New Mexico Oil and Gas Investing</a> </li> <li class="cat-item cat-item-6"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/oil-and-gas-current-events/" title="Aresco LP publishes oil and gas current events, technology news, and industry related news from around the world. Aresco is a privately held company. ">Oil and Gas Current Events</a> </li> <li class="cat-item cat-item-25"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/oil-and-gas-interesting-facts/" title="Oil and gas fun facts and interesting information. Each of these articles contain information sure to test your knowledge of the oil and gas industry. ">Oil and Gas Fun Facts</a> </li> <li class="cat-item cat-item-53"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/permian-basin-oil-news/" title="Get Permian Basin Oil News, articles, blogs, photos, and videos at Aresco LP! Aresco is a privately held oil and gas exploration and development company with working interests in Texas, New Mexico, Oklahoma, and the gulf coast region. ">Permian Basin Oil News</a> </li> <li class="cat-item cat-item-9"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/texas-oil-and-gas-investing/" title="Texas oil and gas investing news, blogs, and videos by Aresco LP. See why now is the time to invest in the oil and gas industry in the state of Texas. ">Texas Oil and Gas Investing</a> </li> <li class="cat-item cat-item-1"><a href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/category/uncategorized/" title="General blog category on Aresco LP's Oil and Gas Current Events blog.">Uncategorized</a> </li> </ul> <style scoped type="text/css">.utcw-b1fq2ep {word-wrap:break-word}.utcw-b1fq2ep span,.utcw-b1fq2ep a{border-width:0px}.utcw-b1fq2ep span:hover,.utcw-b1fq2ep a:hover{border-width:0px}</style><p class="titles">Tag Cloud</p><div class="utcw-b1fq2ep tagcloud"><a class="tag-link-43 utcw-tag utcw-tag-bakken-shale" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/bakken-shale/" style="font-size:10.512820512821px" title="9 topics">Bakken Shale</a> <a class="tag-link-95 utcw-tag utcw-tag-crude-oil" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/crude-oil/" style="font-size:30px" title="47 topics">Crude Oil</a> <a class="tag-link-70 utcw-tag utcw-tag-crude-oil-export-ban" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/crude-oil-export-ban/" style="font-size:10px" title="8 topics">Crude Oil Export Ban</a> <a class="tag-link-105 utcw-tag utcw-tag-crude-oil-exports" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/crude-oil-exports/" style="font-size:10.512820512821px" title="9 topics">Crude Oil Exports</a> <a class="tag-link-7 utcw-tag utcw-tag-crude-oil-prices" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/crude-oil-prices/" style="font-size:14.615384615385px" title="17 topics">Crude Oil Prices</a> <a class="tag-link-39 utcw-tag utcw-tag-domestic-oil-production" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/domestic-oil-production/" style="font-size:15.641025641026px" title="19 topics">Domestic Oil Production</a> <a class="tag-link-101 utcw-tag utcw-tag-donald-j-trump" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/donald-j-trump/" style="font-size:10px" title="8 topics">Donald J Trump</a> <a class="tag-link-5 utcw-tag utcw-tag-drilling-technology" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/drilling-technology/" style="font-size:13.589743589744px" title="15 topics">Drilling Technology</a> <a class="tag-link-10 utcw-tag utcw-tag-eagle-ford-shale" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/eagle-ford-shale/" style="font-size:20.769230769231px" title="29 topics">Eagle Ford Shale</a> <a class="tag-link-33 utcw-tag utcw-tag-eagle-ford-shale-production" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/eagle-ford-shale-production/" style="font-size:10.512820512821px" title="9 topics">Eagle Ford Shale Production</a> <a class="tag-link-100 utcw-tag utcw-tag-energy-independence" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/energy-independence/" style="font-size:10.512820512821px" title="9 topics">Energy Independence</a> <a class="tag-link-16 utcw-tag utcw-tag-energy-information-administration-eia" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/energy-information-administration-eia/" style="font-size:14.102564102564px" title="16 topics">Energy Information Administration (EIA)</a> <a class="tag-link-42 utcw-tag utcw-tag-fracking" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/fracking/" style="font-size:11.538461538462px" title="11 topics">Fracking</a> <a class="tag-link-34 utcw-tag utcw-tag-horizontal-drilling" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/horizontal-drilling/" style="font-size:12.051282051282px" title="12 topics">Horizontal Drilling</a> <a class="tag-link-8 utcw-tag utcw-tag-hydraulic-fracturing" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/hydraulic-fracturing/" style="font-size:17.692307692308px" title="23 topics">Hydraulic Fracturing</a> <a class="tag-link-29 utcw-tag utcw-tag-investing-in-texas-oil" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/investing-in-texas-oil/" style="font-size:11.025641025641px" title="10 topics">Investing in Texas Oil</a> <a class="tag-link-13 utcw-tag utcw-tag-oil-and-gas-investing" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/oil-and-gas-investing/" style="font-size:14.615384615385px" title="17 topics">Oil and Gas Investing</a> <a class="tag-link-115 utcw-tag utcw-tag-oil-and-gas-technology" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/oil-and-gas-technology/" style="font-size:10px" title="8 topics">Oil and Gas Technology</a> <a class="tag-link-19 utcw-tag utcw-tag-oil-exploration" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/oil-exploration/" style="font-size:10px" title="8 topics">Oil Exploration</a> <a class="tag-link-17 utcw-tag utcw-tag-oil-production" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/oil-production/" style="font-size:18.205128205128px" title="24 topics">Oil Production</a> <a class="tag-link-32 utcw-tag utcw-tag-opec" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/opec/" style="font-size:15.641025641026px" title="19 topics">OPEC</a> <a class="tag-link-11 utcw-tag utcw-tag-permian-basin" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/permian-basin/" style="font-size:28.461538461538px" title="44 topics">Permian Basin</a> <a class="tag-link-57 utcw-tag utcw-tag-shale-oil" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/shale-oil/" style="font-size:10px" title="8 topics">Shale Oil</a> <a class="tag-link-15 utcw-tag utcw-tag-texas-oil-production" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/texas-oil-production/" style="font-size:19.74358974359px" title="27 topics">Texas Oil Production</a> <a class="tag-link-37 utcw-tag utcw-tag-u-s-oil-production" href="https://web.archive.org/web/20210919195911/https://www.arescotx.com/tag/u-s-oil-production/" style="font-size:11.538461538462px" title="11 topics">U.S. Oil Production</a></div><p class="titles">Archives</p> <label class="screen-reader-text" for="archives-dropdown-3">Archives</label> <select id="archives-dropdown-3" name="archive-dropdown"> <option value="">Select Month</option> <option value="https://www.arescotx.com/2021/08/"> August 2021 </option> <option value="https://www.arescotx.com/2021/07/"> July 2021 </option> <option value="https://www.arescotx.com/2021/05/"> May 2021 </option> <option value="https://www.arescotx.com/2021/04/"> April 2021 </option> <option 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