America Just Officially Broke Its 47-Year-Old Oil Production Record
Friday, March 02, 2018
U.S. oil production in November 2017 surpassed the all-time record of 10.044 million barrels per day (b/d) set in 1970, according to the latest data from the U.S. Energy Information Administration (EIA). EIA previously stated that production last November reached 10.038 million b/d – the first time production broke 10 million b/d since 1970 – but has now revised the numbers to 10.058 million b/d, an official record.
U.S. production has soared in recent years thanks to technological advances like hydraulic fracturing (fracking), which has allowed operators to access previously untapped reserves. Growing from only about seven percent of U.S. liquids production (crude oil and condensate) in 2008, development from shale and other tight formations accounted for about 54 percent of total U.S. production in 2017.
The EIA forecasts U.S. production could reach 11 million b/d later this year.Impressively, tight oil is expected to play an even larger role in U.S. oil production over the next several decades. As EIA noted in its Annual Energy Outlook 2018, oil production from shale will ultimately exceed 8.2 million b/d, accounting for roughly 70 percent of total U.S. oil production in the early 2040s.
As shale development has driven U.S. oil production beyond 10 million b/d, the United States has now overtaken Saudi Arabia in terms of total production and is gaining on Russia as the world’s top oil producer.