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Surge in US shale hedging expected to lift crude output to new high in 2018

Traders say growth next year will likely exceed government forecasts, heralding a record year that could pressure prices in the near term

US total oil production is expected to rise by 780,000 bpd to 10.02 million bpd next year, which would be a new annual record, according to the US Energy Information Administration.

New York

WHEN oil prices rocketed towards US$60 a barrel this fall, US shale producers hedged more barrels of oil during the quarter than in at least three years, which could help propel the country to record crude production by next year.

More than 144 million barrels were added...

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