US crude oil output seen rising to record high in 2019

EnergyReuters

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U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day (bpd) in 2019 from a record high of 10.96 million bpd last year, the Energy Information Administration's Short Term Energy Outlook (STEO) said on Tuesday.

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The latest July output projection for 2019 was up from EIA's 12.32 million bpd forecast in June.

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EIA also projected U.S. petroleum and other liquid fuels consumption would rise to 20.70 million bpd in 2019 from 20.45 million bpd a year ago.

That would be the most since 2005 when petroleum and other liquid fuels consumption hit a record high of 20.80 million bpd.

The 2019 demand projection in the July STEO report was up from EIA's 20.64 million bpd forecast for the year in June.

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EIA projected output in 2020 would rise to 13.26 million bpd and demand would rise to an all-time high of 20.91 million bpd.

(Reporting by Scott DiSavino Editing by Chizu Nomiyama and Jonathan Oatis)