U.S. crude oil output to surpass 10 mln barrels per day through 2019: EIA

HOUSTON, Feb. 6 (Xinhua) -- The U.S. Energy Information Administration (EIA) said Tuesday that U.S. crude oil production will be 10.6 million and 11.2 million barrels per day in 2018 and 2019 respectively, marking the highest annual average level in the country.

The previous record of 9.6 million barrels per day in the United States was set in 1970.

The EIA estimated that U.S. crude oil production averaged 10.2 million barrels per day in January, up 100,000 barrels per day from the December level, and total U.S. crude oil production averaged 9.3 million barrels per day in 2017.

Meanwhile, the EIA forecast Brent spot prices will average about 62 U.S. dollars a barrel in both 2018 and 2019 compared with an average of 54 dollars a barrel in 2017. It also expected the West Texas Intermediate (WTI) crude oil prices to average 4 dollars lower than Brent prices in both 2018 and 2019.

Earlier on Tuesday, the EIA issued the Annual Energy Outlook 2018 (AEO2018), forecasting U.S. production of shale oil and natural gas is projected to increase for decades, but the liquids production (mostly crude oil and petroleum products) will begin to decline toward 2050 as less productive areas are developed. Enditem