U.S. Oil Production to Peak at 43-Year High Before Trailing Off
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U.S. oil output will peak at a 43-year high in 2015 as producers work through a backlog of uncompleted wells before trailing off in the second half of the year.
Production will increase to 9.43 million barrels a day this year, the most since 1972, the Energy Information Administration said Tuesday in its monthly Short-Term Energy Outlook. That’s 240,000 barrels higher than last month’s estimate. Monthly output will fall in June through early 2016.