US crude production will come close to its record in just three years’ time as the shale boom sends output soaring, according to the government’s Energy Information Administration.
The forecast marks a spectacular reversal from the assumptions of five years ago, when US crude production appeared to be in inexorable long-term decline.
The EIA said yesterday it had revised sharply higher its estimates of US crude output to about 9.5m barrels a day in 2016. That is close to the previous peak of 9.6m b/d in 1970 and almost double the low point of 5m b/d in 2008.
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