NEW YORK (Reuters) - U.S. crude oil output hit a record of 13 million bpd this month and will grow more than expected in 2019 and 2020, the U.S. Energy Information Administration said in a forecast issued on Wednesday.
U.S. oil production is expected to rise to 12.29 million barrels per day this year, 30,000 bpd more than the EIA forecast last month, according to a monthly report. U.S. oil output is expected to rise an additional million bpd to 13.29 million bpd in 2020, the agency said.
“The United States remains on course to set new crude oil production records this year and next," said EIA Administrator Linda Capuano.
The agency increased its forecast for U.S. demand for petroleum and other liquid fuels this year to 20.58 million bpd, reflecting an annual demand increase of 80,000 bpd compared with last month's forecast for 40,000 bpd. Petroleum and liquid fuels demand is expected to rise 170,000 bpd to 20.75 million bpd in 2020, the agency said.