US production has been up. Have you been following that? So what is the net effect? Do some more research and let us know. Look over this too.
DECEMBER 10, 2018
U.S. oil production was estimated at 11.7 million barrels a day during the week ending November 16, over 2 million barrels per day more than during the same time period in 2017—a 21-percent increase. For perspective, the increase is almost equivalent to all of Mexico’s production in 2017. The Energy Information Administration expects oil production to average 10.9 million barrels per day this year and over 12 million barrels per day in 2019. U.S. oil production has doubled in the past eight years due to oil produced by hydraulic fracturing and horizontal drilling in shale basins. Earlier this year, the United States had overtaken oil production in Saudi Arabia and Russia on a monthly basis, making it the world’s top oil producing nation. In less than a decade, U.S. companies have drilled 114,000 wells in the Permian Basin of Texas alone and many of them could turn a profit with crude prices as low as $30 a barrel.
U.S. oil production is expected to average to 12 million barrels per day in 2019 as bottlenecks to transporting crude oil are alleviated with new oil pipelines in the Permian Basin able to move crude oil to terminals at Texas ports for export. The United States is expected to become a net petroleum exporter by 2022
U.S. monthly crude oil production exceeds 11 million barrels per day in August 2018
U.S. crude oil production reached 11.3 million barrels per day (b/d) in August 2018, according to EIA’s latest Petroleum Supply Monthly, up from 10.9 million b/d in July. This is the first time that monthly U.S. production levels surpassed 11 million b/d. U.S. crude oil production exceeded the Russian Ministry of Energy’s estimated August production of 11.2 million b/d, making the United States the leading crude oil producer in the world.
Monthly crude oil production reached a record high in several states. Texas had the highest record level at 4.6 million b/d, followed by North Dakota at 1.3 million b/d. Other states that had record-high production levels were New Mexico, Oklahoma, Colorado, and West Virginia. Production in the Federal Offshore Gulf of Mexico also hit a record high of 1.9 million b/d.