Oil and Gas Investor | Staff
Technological advancements have contributed to record-setting oil output levels, according to the EIA.
U.S. crude oil output in 2018 is expected to grow more quickly than previously forecast to a record high, according to a monthly U.S. government forecast on Oct. 10. Crude production was expected to rise 1.39 million barrels per day (bbl/d) to 10.74 million bbl/d this year, the U.S. Energy Information Administration (EIA) said in its short-term energy outlook. Last month, the agency expected crude output to rise by 1.31 million bbl/d to 10.66 million bbl/d in the year. U.S. production has soared, boosted by technological advances that have enabled drillers to tap shale formations, with output this year forecast to overtake the previous annual record of 9.6 million bbl/d in 1970.
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