by Myra P. Saefong, Market Watch:
U.S. oil production is on track to reach an annual all-time high by September of this year, according to Rystad Energy.
If production does indeed top out, then supply levels may soon hit a peak as well. That, in turn, could lead to shrinking supplies.
The oil-and-gas consulting-services firm estimates an average 2015 output of 9.65 million barrels a day will be reached in five months — topping the previous peak annual reading of 9.64 million barrels a day in 1970.
Coincidentally, the nation’s crude inventories stand at a record 471.4 million barrels, based on data from U.S. Energy Information Administration, also going back to the 1970s.
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