U.S. crude oil production increased 5 pct in 2017

Annual average U.S. crude oil production reached 9.3 million barrels per day (b/d) in 2017, an increase of 5 percent, U.S. Energy Information Administration (EIA) said Wednesday.

EIA projects that U.S. crude oil production will continue to grow in 2018 and 2019, averaging 10.7 million b/d and 11.3 million b/d, respectively.

According to EIA, in November 2017, monthly U.S. crude oil production reached 10.07 million b/d, the highest monthly level of crude oil production in U.S. history.

U.S. crude oil production has increased significantly over the past 10 years, driven mainly by production from tight rock formations using horizontal drilling and hydraulic fracturing.

Although much has changed since 1970, the state of Texas continues to produce more crude oil than any other state or region of the U.S. Texas has held the top position in nearly every year since 1970.

Texas crude oil production averaged 3.5 million b/d in 2017 and reached a record high monthly level of 3.95 million b/d in December 2017. Texas's 2017 annual production increase of nearly 300,000 b/d, driven by significant growth within the Permian region which spans parts of Texas and New Mexico.

Experts believed that since American shale oil production increased largely in recent years which resulted in the reduction of oil import from the Middle East, U.S. may become an important oil exporter in the years to come.

Experts agreed that with the booming shale production in the United States and growing demand in China, the two countries have more opportunities to cooperate in the energy field.

(Xinhua)