US oil production keeps accelerating towards new highs. New records are expected both when the final numbers for May emerge and at the end of the year. Rystad Energy is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, our research and calculations point to crude oil production averaging 12.5 million bpd. Both are new all-time highs. “Our US supply projections have been revised up yet again. US oil production is already higher than many in the market believe,” says Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy. Preliminary US well production data shows that tight oil production alone reached pre-winter levels of around 8.5 million bpd in May. This prompted an upward revision of our 2019 US total production exit rate by approximately 200,000 bpd, to 13.4 million bpd. We also revise our 2020 exit […]