U.S. crude oil output in 2018 is expected to grow more quickly than previously forecast to a record high, according to a monthly U.S. government forecast on Wednesday. Crude production was expected to rise 1.39 million barrels per day to 10.74 million bpd this year, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO). Last month, the agency expected crude output to rise 1.31 million bpd to 10.66 million bpd in the year. U.S. production has soared, boosted by technological advances that have enabled drillers to tap shale formations, with output this year forecast to overtake the previous annual record of 9.6 million bpd in 1970. In 2017, the U.S. produced 9.4 million bpd. Production is expected to average 11.03 million bpd in the […]