The United States in November 2017 increased oil production to more than 10 million barrels per day (b/d) for the first time since 1970, announced the Department of information energy (EIA) of the U.S. Department of energy.
Active growth of shale production threatens to deprive the oil market equilibrium and to nullify the efforts of the OPEC+, limit production to increase prices. According to EIA, in November, the United States produced 10,038 million b/d, or 4% more than the previous month.
The historical record for monthly production statistics were recorded in November 1970 at the level of 10,044 million b/d, writes The Wall Street Journal.
After three years of low prices in the oil market producers of shale oil has increased the efficiency of operations, therefore, they might be able to continue production even if oil prices again will fall in price, the newspaper notes.
Last month the North American WTI crude oil surged more than 7%, January was the best for her in 2013. Prices are rising for five consecutive months, which was not observed since 2011.
In January, the EIA predicted that the annual output of the United States in 2018 will amount to 10.3 million b/d. the International energy Agency also expects production in the US above 10 million b/d this year.
The growth of domestic production has allowed the United States to reduce energy imports. The trade deficit of oil in 2007 (at the peak) was 12.5 million b/d by the end of last year fell to 2.5 million b/d.