U.S. To Be The World's Number One Producer Of Oil By The End Of 2018

Seeking Alpha: United States To Leapfrog Russia In 2018 As The World's Top Oil Producer

* U.S. crude oil production is likely to exit 2017 at roughly 10 million barrels per day, catching up with Saudi Arabia.
* By the end of 2018, the U.S. is likely to bypass the #1 producer Russia (just under 11 million barrels per day currently).
* Since 2014, the U.S. oil industry has made tremendous progress in productivity and is positioned to set new records in growth pace.
* However, significant and quick investments in equipment and infrastructure will be required.

U.S. Shale Oil: Growth Back On Track And Accelerating

The crude oil production report by the U.S. Energy Information Administration for the month of October puts to rest speculations that the U.S. shale oil industry has run out of steam and is struggling to grow supply. In fact, the EIA's monthly survey exceeded the agency's own weekly estimates by a staggering ~360 thousand barrels per day.

The survey shows October production of crude oil and field condensate at 9.637 million barrels per day ("MMb/d"), as compared to 9.278 MMb/d implied by EIA's weekly reports for the same period. (As a reminder, the weekly estimates rely heavily on the agency's Short Term Energy Outlook forecast).

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WNU Editor:  The theory of peak oil will need to be revised (again).