United States oil production nears 47-year record as shale booms: Kemp

November's production is the first time since 1970 that monthly US production levels surpassed 10 million b/d and the second-highest USA monthly oil production value ever, just below the November 1970 production value of 10.044 million b/d.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher early Friday.

Rising U.S. crude supply could offset the lack of Venezuelan oil stored at these Caribbean facilities, Sandy Fielden, director of research and commodities for Morningstar Inc.in Austin, Texas, said in a phone interview.

Goldman Sachs has been noted in the past as having a bullish outlook on the global oil market.

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The administration also has unveiled a comprehensive offshore drilling plan that, if implemented, would dramatically drive up USA production levels. WTI prices were about $60 a barrel in January 2018.

And while breaching this threshold has been something many analysts have feared would upset the delicate supply/demand balance supposedly being achieved by the Organization of the Petroleum Exporting Countries (OPEC) via its production cuts, the USA boom may benefit offshore entities, including storage terminal operators in the Caribbean. As disruptive influences have risen in Libya, the frequency of our high impact alerts have increased, along with the price of oil (hark, below). Last month's total was revised down by 110,000 bpd to the lowest since April 2017.

It was the first time domestic crude production has surpassed 10 million b/d since 1970, EIA said in its latest Petroleum Supply Monthly report, which was released Thursday.

Barrel is the unit of measurement of oil volume.

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Aside from Canada, countries in Asia and Europe have been some of the largest recipients of US crude oil since the restrictions were lifted.

Prices are up for a third day on Friday, supported by a Reuter survey that showed strong compliance with production cuts by OPEC and other major producers including Russian Federation. The average cost of a gallon of regular unleaded in the Houston area increased to $2.28, up 20 cents from a year ago, while the national average rose to $2.57 a gallon, up 31 cents over the year, according to GasBuddy, which tracks fuel prices nationwide.

Production from Texas, which also included the Eagle Ford play, contributed 3.89mn bpd to the November figure, the most of any state.

West Texas Intermediate futures added 0.8% in NY.

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