The US in 2018 posted record highs in proved reserves for crude oil and natural gas, which were respectively up 12% and 9% year-over-year, according to a report from the US Energy Information Administration (EIA). The increases were driven by strong oil and gas prices, the agency said.
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Proved oil reserves totaled 43.8 billion bbl at yearend, topping the previous year’s record, as US crude and lease condensate production surged 17% year-over-year. The annual average spot price for West Texas Intermediate crude at the Cushing, Oklahoma, storage hub increased 29% in 2018 to $65.66.
