Why U.S. Oil Production Surged By 6.5% This Year

According to the latest Weekly Petroleum Status Report from the U.S. Energy Information Administration, year-to-date daily average oil production is 13.2 million barrels per day. That is 6.5% higher than last year’s record production of 12.5 million BPD. This ongoing growth in U.S. oil output remains a key driver of the global energy market. U.S. crude oil production will almost certainly set a second consecutive record this year, reflecting strong demand and advances in extraction technologies, particularly in shale oil. The surge in U.S.…