U.S. achieves record production despite falling well count
The U.S. achieved record oil production in 2017 while the number of wells in the country were decreasing, according to the EIA.

The country produced 10.1 MMBOPD in November 2017, breaking the all-time record of 10 MMBOPD set in 1970. Oil production rose rapidly last year, with the country adding 1,263 MBOPD in the year. Gas output rose nearly as quickly, increasing from 78.7 Bcf/d to 83.4 Bcf/d.

This rapid growth in production was achieved from fewer wells, though, as there were 990,677 producing wells in 2017, compared to 1,009,720 wells in 2016. The vast majority of these wells are barely producing ‘stripper wells’. About 73% of all wells in the country produced less than 1...

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