The U.S. oil boom is moving to a level not seen in 45 years - MarketWatch

Source:   The U.S. oil boom is moving to a level not seen in 45 years - MarketWatch


Published: Apr 3, 2015 3:24 p.m. ET

Peak U.S. oil production is a ‘moving target’



By
MYRAP. SAEFONG
MARKETS/COMMODITIES REPORTER


SAN FRANCISCO (MarketWatch) — U.S. oil production is on track to reach an annual all-time high by September of this year, according to Rystad Energy. If production does indeed top out, then supply levels may soon hit a peak as well. That, in turn, could lead to shrinking supplies.The oil-and-gas consulting-services firm estimates an average 2015 output of 9.65 million barrels a day will be reached in five months — topping the previous peak annual reading of 9.64 million barrels a day in 1970.

Coincidentally, the nation’s crude inventories stand at a record 471.4 million barrels, based on data from U.S. Energy Information Administration, also going back to the 1970s.