The world’s biggest oil trader says US oil production will peak in 2018
The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol.
US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA.
The EIA is expecting US oil production to reach 9.8 million bpd in 2018, according to the latest Short Term Energy Outlook…