U.S. oil output to surpass record earlier than expected: EIA

10 Jan 2018   Oil Supply, USA

U.S. crude oil production is expected to surpass 10 million barrels per day (bpd) next month, en route to all-time record months ahead of previous forecasts, the U.S. Energy Information Administration said Tuesday. Production was expected to rise to an average 10.04 million bpd during the first quarter of this year, the agency said in a monthly report. The 10 million-bpd milestone previously had not been expected to be reached until the fourth quarter. That would match the all-time monthly record of 10.04 million bpd set in Nov. 1970; oil production declined after that as the United States increasingly relied on imported crude. That has changed in the last several years due to the shale revolution, but these projections surpass earlier expectations. The monthly average for February is expected to surpass 10 million bpd, said Tim Hess, the lead analyst for the report. That […]

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