[Editor's note: Updated at 12:24 p.m. CDT July 9, 2019.]
U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day (bbl/d) in 2019 from a record high of 10.96 million bbl/d last year, the Energy Information Administration (EIA) said in its short term energy outlook report on July 9.
The latest July output projection for 2019 was up from EIA's 12.32 million bbl/d forecast in June.
EIA also projected U.S. petroleum and other liquid fuels consumption would rise to 20.70 million bbl/d in 2019 from 20.45 million bbl/d a year ago. That would be the most since 2005 when petroleum and other liquid fuels consumption hit a record high of 20.80 million bbl/d.
The 2019 demand projection in the July short term energy outlook report was up from EIA's 20.64 million bbl/d forecast for the year in June.
EIA projected output in 2020 would rise to 13.26 million bbl/d and demand would rise to an all-time high of 20.91 million bbl/d.
Hart Energy's exclusive rig counts measure drilling intensity. They exclude units classified as rigging up or rigging down, and also exclude rigs drilling injection wells, disposal wells or geothermal wells. They are designed to offer the most accurate picture of what is actually occurring in the field.
Well stimulation firms are experiencing economic headwinds despite completing more stages at higher pump rates for customers as pricing softens and frack equipment stacks out.
Fewer wells and wider spacing are likely for tight formation development.