US oil production set to break record

US oil production set to increase to 10.3 million bpd next year, breaking a 1970 record of 9.6 million bpd. Between Feb 17 and Feb 18, oil production in seven of the biggest US shale basins is thought to rise by 1.8 million bpd--yeah... that's the same figure as OPEC and friends cut. 

Thanks, OPEC!

Next month, EIA is expecting a rise of 111,000 bpd.

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and ... up to 11 million barrels per day by late next year. That rivals Russian production (per Reuters). Which sounds ... confusing in the face of earlier stories this month about the US being the top oil producer now. 

 

 

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according to EIA data (per CNN Money):

 

Screen Shot 2018-01-17 at 6.04.56 PM.png

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I don't think any of the stories were insinuating that US is producing more than Russia now. I think what they're saying is that the US is on track to be the top producer. 

 

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