US expects record domestic oil production in 2019, 2020

The U.S. says domestic oil production levels will reach new heights this year and next, and that prices will be lower than they were in 2018.

The U.S. Energy Information Administration said Tuesday that it expects the United States to pump 12.4 million barrels of crude a day in 2019 and 13.2 million barrels a day in 2020. The January average was 12 million barrels a day, up 90,000 from December.

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Most of the increase is expected to come from Texas and New Mexico.

The energy agency expects U.S. benchmark crude to cost less than $55 a barrel this year and $58 next year, down from $65 in 2018. It expects internationally traded oil to be $61 this year and $62 next year, down from $71 in 2018.

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