Shale Surge Sent U.S. Oil Production to Record High in November
- EIA revised monthly output to 10.057 million barrels a day
- U.S. drillers adding rigs with oil holding above $60 a barrel
Saxo Bank's Hansen on Oil Prices, U.S. Shale
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U.S. oil production reached a record high in November as the shale boom puts the nation among the world’s biggest suppliers and upends global markets.
Once the world’s largest importer of crude, the U.S. is passing Saudi Arabia and closing in on Russia to become the world’s largest producer. Oil prices above $60 a barrel have lured companies to ramp up production. Oil and gas exploration last year was a money-maker for the first time in more than a decade, according to Wood Mackenzie Ltd. As a result, drillers in the U.S. are using the most oil rigs since 2015.