U.S. Crude Oil Production and Global Petroleum Inventories Up in 2018

This article has been reprinted from USDA's March 22 Grain Transportation Report.

The Energy Information Agency (EIA) reported, in its Short Term Energy Outlook, that crude oil production in February averaged 10.3 million barrels per day—230,000 more barrels per day than the previous month. 

EIA reported U.S. crude oil production at 9.3 million barrels per day, in 2017. 

In 2018, EIA projects U.S. crude oil production will average 10.7 million barrels per day highest annual average of daily production in history. 

While global petroleum inventories declined by 0.6 million barrels per day in 2017, EIA estimates inventories will grow by about 0.4 million barrels per day in 2018.