U.S. Oil Output Heads to 48-Year High as Shale Surge Resumes
- Crude output to hit 9.53 million barrels a day in 2018: EIA
- OPEC cuts boost prices above $50 a barrel, bring back drillers
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The U.S. will pump the most crude next year since 1970 as domestic producers benefit from OPEC supply cuts.
Domestic output will average 9.53 million barrels a day in 2018, the Energy Information Administration said in its monthly Short-Term Energy Outlook released Tuesday. Shale explorers are benefiting from prices that rose above $50 a barrel after the Organization of Petroleum Exporting Countries and 11 other nations agreed to trim production in an effort to ease a global supply glut.