The US government’s Energy Information Administration (EIA) this week came out with its most bullish 2018 output forecasts yet. Further massive gains are slated for 2019. Crude output will average 10.27mn b/d this year, the EIA says, a new record and up almost 1mn b/d on 2017. It will continue to rise throughout not just 2018 but 2019 as well, hitting 10.6mn b/d in December 2018 and over 11mn by late 2019, by then topping Russia as the world’s top producer.

The US is already...