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US Oil Production on the Rise
US shale oil production in January 2018 is expected to rise to 6.41M b/d, up 1.6% or 94K b/d m-o-m, according to the US Energy Information Administration. This will mark the 13th consecutive month where shale output will increase. Shale output in December is estimated at 6.31M b/d, up 1.1% or 80K b/d m-o-m and 39% or 1.77M b/d y-o-y.
In its latest Short-Term Monthly Outlook, the EIA suggests that total US oil production will grow by 780K b/d y-o-y, to a record 10.02M b/d in 2018. US output for the 4 weeks ending 8 December 2017 averaged 9.67M b/d, up 11.3% or 980K b/d compared to the same 4-week period last year.
The International Energy Agency stated that the surging US crude production is an important factor in its latest forecasts, according to which total supply growth could exceed demand growth in the coming months, and an oil surplus of 200K b/d might be seen in the market during the first half of 2018.