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U.S. Oil Production at 10-Year High
Daily output of crude oil in the U.S. rose above 10 million barrels in November, the highest production level in a decade and only 6,000 barrels short of the all-time record set in 1970, according to the Energy Information Administration.
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Daily output of crude oil in the U.S. rose above 10 million barrels in November, the highest production level in a decade and only 6,000 barrels short of the all-time record set in 1970, according to the Energy Information Administration.
November’s output was up 4% from the previous month and 13% greater than November 2016. Analysts previously expected production wouldn’t surpass 10 million bpd until sometime this year.
Texas, North Dakota and the Gulf of Mexico accounted for two-thirds of November’s total. EIA says oil shale extraction—also known as fracking or tight oil production—now contributes to half the country’s total oil output, up from only 7% a decade ago.
Production from shale is sensitive to oil prices. EIA notes that the average price of crude rose from a low of $30 per barrel in February 2017 to about $60 last month.
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