U.S. Reaches Oil-Output Milestone Months Earlier Than Expected
- U.S. gains on Saudi, Russia as output nears Nixon-era levels
- Exceeds 10 million barrels a day for first time since 1970
Photographer: Tim Rue/Bloomberg
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U.S. oil production is gaining faster than expected as the country races to challenge giants Russia and Saudi Arabia.
Output topped 10 million barrels a day in November, reaching the highest level since 1970 and beating government forecasts by several months, according to data Wednesday from the Energy Information Administration. The agency previously predicted the country would reach the threshold in February 2018.