Bloomberg – by Jessica Summers
U.S. oil production surged above 10 million barrels a day for the first time in more than four decades, another marker of a profound shift in global crude markets.
The milestone comes weeks after the International Energy Agency said the U.S. is poised for “explosive” growth in oil output that would push it past Saudi Arabia and Russia this year. New drilling and production techniques have opened up billions of barrels of recoverable U.S. oil in shale rock formations in the past 10 years, reversing decades of declining output and turning the nation into an exporter. Continue reading “US oil production tops 10-million-barrel-per-day mark”
