For the first time since November of 1970, U.S. oil production has reached the 10-million-barrel-per-day mark, according to the International Energy Agency. This new record high brings dramatic shifts in global oil markets and follows recent projections that U.S. production will soon exceed Saudi Arabia and Russia.
Cracking the code on U.S. shale.
Thanks to advancements like horizontal drilling and hydraulic fracturing, production in the nation’s vast oil shale regions, like North Dakota’s Bakken Shale, Texas’s Permian Basin and Oklahoma’s SCOOP and STACK plays, are seeing increasing rig counts and production volumes.
These technologies have pushed domestic oil production past a 47-year high mark, and have also loosened foreign producers’ grip on global petroleum prices. More importantly, they are paving the way for the U.S. to become a global net exporter.
Get the full story from Bloomberg: Shale Sends U.S. Oil Output Past Historic 10 Million-Barrel Mark