The fact that producers here are looking for so much downside protection and are willing to leave money on the table to get it, suggests a more mature exploration and production sector that doesn’t need high commodity prices to thrive. Meanwhile, domestic output is expected to continue to grow. The Energy Information Administration projects U.S. crude oil production will average 10.7 million barrels a day this year, up a whopping 1.3 million barrels a day from 2016, and will add between 1.2 million to 11.9 million barrels a day more in 2019.
Saudi, Russia Move To Curb Oil Price Surge, For Now
The fact that producers here are looking for so much downside protection and are willing to leave money on the table to get it, suggests a more mature exploration and production sector that doesn’t need high commodity prices to thrive. Meanwhile, domestic output is expected to continue to grow. The Energy Information Administration projects U.S. crude…
