United States To Leapfrog Russia In 2018 As The World's Top Oil Producer

January 2, 2018

The crude oil production report by the U.S. Energy Information Administration for the month of October puts to rest speculations that the U.S. shale oil industry has run out of steam and is struggling to grow supply. In fact, the EIA's monthly survey exceeded the agency's own weekly estimates by a staggering ~360 thousand barrels per day.

The survey shows October production of crude oil and field condensate at 9.637 million barrels per day ("MMb/d"), as compared to 9.278 MMb/d implied by EIA's weekly reports for the same period. (As a reminder, the weekly estimates rely heavily on the agency's Short Term Energy Outlook forecast).

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