According to the EIA, U.S. crude oil production averaged 12.3 million barrels per day (b/d) last week, up by 100,000 b/d from the previous week and up by about 1.5 million b/d year on year. This was the second week that the U.S. crude oil production increased after decreasing for two consecutive weeks.

U.S. crude oil production will reach record level in 2019 and 2020, according to the EIA on Tuesday.

In its latest Short-Term Energy Outlook (STEO), EIA forecast U.S. crude oil production will average 12.3 million barrels b/d in 2019 and 13.3 million b/d in 2020, both of which would be record levels.

EIA also estimated that U.S. crude oil production will average 11.7 million b/d in July 2019, down by 0.3 million b/d from the June level. Enditem