US production of liquid petroleum is surpassing its previous peak, reached in 1970, in the latest landmark for the country’s shale oil boom.
Four decades of decline in US oil output have been reversed in just five years of growth.
Petroleum production, including crude oil and related liquids, known as condensate, and natural gas liquids (NGLs) such as ethane, was 11.27m barrels per day in April, almost equalling the peak of 11.3m b/d reached as an average for 1970. Recent growth rates suggest that it has now exceeded that figure.
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