U.S Crude Oil Production On Verge of Milestone

Investing.com – Sometime in 2018, the U.S, oil industry will do something it has not done in almost 50 years — produce more than 10 million barrels of oil in one day.
Shale oil production has transformed the industry in recent years and with prices out of their two year slump, shale producers have been ramping up output.
Production from the seven major shale fields has risen the past 13 months to record highs and is forecast to hit 6.55 million barrels a day in February.
After peaking at 9.78 million barrels a day in 2017, overall U.S. oil production is expected to hit 10.30 million barrels a day this year, according to the U.S. Energy Information Administration
Shale oil, which is extracted from rock through a process known as fracking, is more expensive to produce than conventional crude oil, which is pulled up from underground reservoirs.
Shale oil is expected to boost American production for years to come, with the U.S. overtaking Saudi Arabia and Russia, now the world’s top producers.
The top major players in shale oil are Pioneer Natural Resources (PXD), Devon Energy (NYSE:), EOG Resources (NYSE:) and Whiting Petroleum (WLL).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.