NEW YORK, Jan. 15 (Reuters) – The U.S. Energy Information Agency (EIA) said in its first 2020 forecast that daily crude oil production from the United States is expected to rise to a new record of more than 12 million barrels this year and to nearly 13 million barrels next year.
U.S. crude oil production is expected to climb 1.14 million barrels to 12.07 million barrels a day in 2019 and increase by 790,000 barrels to 12.86 million barrels by 2020, the Department of Energy Statistics said in a monthly report.
Driven by shale production, the United States has become the world’s largest producer of crude oil, producing nearly 11 million barrels a day in 2018, breaking the annual record set in 1970.
“The steady growth of crude oil production in non-OPEC countries, including the United States, has become the top predictor of global crude oil production,” EIA Administrator Linda Capuano said in a commentary after the forecast. We expect the United States to remain the world’s largest producer of crude oil.
The forecast shows that the United States will become a net exporter of crude oil by the end of 2020.
EIA said daily demand for diesel and other distillate fuels in the United States is expected to increase by 20,000 barrels this year to 4.15 million barrels, and by 2020 to 4.19 million barrels.
Gasoline demand in the United States is expected to reach 9.29 million barrels a day this year, down from the 9.31 million barrels previously predicted. EIA said daily demand for light oil in the United States will rise to 9.35 million barrels this year and remain at that level by 2020.