Free Republic

U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia. End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day. The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.

U.S. oil production is anticipated to break records in the next two years — and prices are primed to increase slightly, according to an energy study released Tuesday. The Energy Information Administration (EIA) said Tuesday that crude oil production is expected to rise to an average of 12.4 million barrels a day in 2019 and 13.2 million barrels per day in 2020. That’s up from January’s average of 12 million barrels a day and December’s 90,000 barrels a day. The expected increases will come from the Permian region of Texas and New Mexico, according to EIA. The U.S. last September...