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images[randomCount] + ")"; </script> <div class="container content"> <div class="row"> <div class="col-lg-9 col-md-9 padright"> <h1 class="blogtitle">US Oil Production Could Hit 48-year High in 2018</h1> <p style="font-size:11px;">Monday, February 20th, 2017 and is filed under <a href="https://web.archive.org/web/20170714193124/http://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/20170714193124/http://www.arescotx.com/category/oil-and-gas-interesting-facts/" rel="category tag">Oil and Gas Interesting Facts</a>, <a href="https://web.archive.org/web/20170714193124/http://www.arescotx.com/category/permian-basin-oil-news/" rel="category tag">Permian Basin Oil News</a>, <a href="https://web.archive.org/web/20170714193124/http://www.arescotx.com/category/texas-oil-and-gas-investing/" rel="category tag">Texas Oil and Gas Investing</a></p> <div id="s-share-buttons" class="horizontal-w-c-circular 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hint--top"></a></div><p><a href="https://web.archive.org/web/20170714193124/http://www.arescotx.com/wp-content/uploads/us-oil-production.jpg" data-rel="lightbox-0" title=""><img class="alignleft size-full wp-image-14541" src="https://web.archive.org/web/20170714193124im_/http://www.arescotx.com/wp-content/uploads/us-oil-production.jpg" alt="US Oil Production" width="450" height="251" srcset="https://web.archive.org/web/20170714193124im_/http://www.arescotx.com/wp-content/uploads/us-oil-production.jpg 450w, https://web.archive.org/web/20170714193124im_/http://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/20170714193124/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/20170714193124/http://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil.png" data-rel="lightbox-1" title=""><img class="aligncenter size-full wp-image-14537" src="https://web.archive.org/web/20170714193124im_/http://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/20170714193124im_/http://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil.png 1018w, https://web.archive.org/web/20170714193124im_/http://www.arescotx.com/wp-content/uploads/us-field-production-of-crude-oil-300x128.png 300w, https://web.archive.org/web/20170714193124im_/http://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 Delaware 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/20170714193124/https://www.bloomberg.com/gadfly/articles/2017-02-02/oil-prices-70-s-the-new-100-for-shale-breakevens" target="_blank">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/20170714193124/http://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/20170714193124/http://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/20170714193124/http://www.arescotx.com/2017-oil-outlook/">2017 Oil Outlook</a></p> <p><a href="https://web.archive.org/web/20170714193124/http://www.txoilinvestments.com/"><img class="aligncenter size-full wp-image-9280" 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