For the first time since November 1970, U.S. crude oil production topped 10 million b/d in November 2017. The Energy Information Administration’s (EIA) reports this new record in their latest monthly crude production report released this week. U.S. production grew in November after a highly active hurricane season slowed end-of-summer production. November’s production level was up 4% compared to October 2017 and a little more than 13% higher than output from November 2016. The new record is shattered earlier than expected. Last year, analysts forecasted the U.S. production rate to break record in 2018.
U.S. Crude Production breaks 10 million b/d record for first time in nearly 50 years