June 11, 2019 / 4:22 PM / 4 days ago

U.S. oil output to rise less in 2019 than previously expected: EIA

FILE PHOTO: A drilling rig on a lease owned by Oasis Petroleum performs logging operations in the Permian Basin oil and natural gas producing area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford

NEW YORK (Reuters) - U.S. crude oil production will rise 1.36 million barrels per day to 12.32 million bpd in 2019, 140,000 bpd less than previously forecast, according to a monthly Energy Department report on Tuesday.

In 2020, U.S. crude production is expected to rise 94,000 bpd, 1,000 bpd more than previously forecast, the report from the EIA, the statistical arm of the Energy Department, said.

Despite the slowdown this year, the agency expects U.S. output to continue to set new records in 2019 and 2020, culminating with average production of 13.5 million bpd by the end of 2020, EIA Administrator Dr. Linda Capuano said after the data was released.

Booming U.S. output, largely due to onshore growth from fracking and horizontal drilling, has boosted the country to be the world’s top crude producer, surpassing Russia and Saudi Arabia.

Production gains in 2019 and 2020 will largely be driven by onshore output, with growth in the offshore Gulf of Mexico expected at 190,000 bpd in 2019 and 130,000 bpd in 2020.

Reporting By Jessica Resnick-Ault; Editing by Marguerita Choy

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