OPEC told US to likely raise production by 1mbpd this year (and they're probably underestimating)

Author: Adam Button | Category: News

A closer look

OPEC is probably underestimating how much oil the US will be pumping by year end. The Untied States finished last year with production at 8.77 mbpd. It's currently at 9.30 mbpd.

Here's the chart:

So production is already up 535K bpd since Dec 31 and rigs have increased in 17 straight weeks. The EIA forecasts it will rise to 9.9 mbpd, so that would be 1.1 mbpd and I think that's underestimating it by 100k bpd.