New Mexico on pace to break oil production record

Business

ALBUQUERQUE, N.M. (AP) — Federal forecasters say drilling in the United States is expected to drive global crude oil production through 2020.

The U.S. Energy Information Administration offered some details on the forecast Wednesday. Industry officials are expecting New Mexico to close 2019 as a record-setting year.

The New Mexico Oil and Gas Association’s Robert McEntyre said producers are poised to top 300 million barrels for the year and daily production levels could reach 1 million barrels before 2020.

The U.S. agency says most of the world’s production growth will come from outside the Organization of the Petroleum Exporting Countries. That includes the Permian Basin that straddles parts of New Mexico and West Texas.

The agency has increased the forecast for U.S. production in 2020 to an average of 13.3 million barrels per day.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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