In its latest Short-Term Energy Outlook the U.S. Energy Information Administration forecasts total U.S. crude oil production will average 9.2 million BOPD for all of 2017 and 10.0 million BOPD in 2018, which would mark the nation’s highest annual average production—surpassing the previous record of 9.6 million BOPD set in 1970.

Crude oil

EIA estimates that U.S. crude oil production averaged 9.7 million barrels per day (b/d) in November, up 360,000 b/d from the October level. Most of the increase was in the Gulf of Mexico, where producti...

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