US Crude Stocks Up As Oil Production Hits New Record

U.S. crude oil production last week hit 11 million barrels per day (bbl/d) for the first time in the nation’s history, the Energy Department said July 18, as the ongoing boom in shale production continues to drive output.

The gains represent a rapid increase in output, as the data, if confirmed by monthly figures, puts the U.S. just behind Russia as the world’s largest producer of crude oil. The nation has added nearly 1 million bbl/d in production since November, thanks to rapid increases in shale drilling.

“I don’t think production is plateauing at 11. It’s fully expected to grow beyond 11—we won’t be topping out there,” said Scott Shelton, a broker at ICAP in Durham, N.C.