US crude set for record output despite price trend
Lower costs and more efficient drilling techniques more than offset collapse in oil markets
Fri, Dec 19, 2014 - 5:50 AM
Global giant Exxon Mobil, the largest US energy company, will increase oil production next year by the biggest margin since 2010, defying Opec's month-old bet that American drillers would be crushed by plunging oil prices.
CRUDE oil production from US wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction.
Energy producers in the United States plan to pump more crude in 2015 as declining equipment costs and...