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U.S. crude oil production tops 10M bbl/day for first time since 1970

Published 01/31/2018, 10:35 PM
© Reuters.  U.S. crude oil production tops 10M bbl/day for first time since 1970
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  • U.S. crude oil production officially has surged above 10M bbl/day for the first time since 1970, beating government forecasts by several months, according to data from the Energy Information Administration.
  • The EIA says the U.S. reached the milestone in November when output rose 4% from October, with the gains led by the usual producers of Texas, North Dakota and the Gulf of Mexico.
  • WTI crude is trading at ~$64/bbl and has posted monthly gains for five straight months, action that could encourage even more drilling.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, USAI
  • Now read: EIA 914 - U.S. Oil Production Hits 10 Million B/D!


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