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U.S. Crude Production breaks 10 million b/d record for first time in nearly 50 years

U.S. Crude Production breaks 10 million b/d record for first time in nearly 50 years

February 01,2018

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.