U.S. Oil Production Rose at Record Pace on Shale, BP Review Says
This article is for subscribers only.
U.S. oil production grew at the fastest pace since BP Plc started keeping records in 1965 on unconventional sources such as shale and tight oil.
An increase in output of about 1 million barrels a day caused net oil imports to the U.S. to drop by 930,000 barrels a day and imports are now 36 percent below their 2005 peak, London-based BP said in its annual Statistical Review of World Energy today. The expansion of both oil and natural gas production in the U.S. was the fastest in the world last year.