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
Fri, Dec 22, 2017 - 5:50 AM
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.
REUTERS FILE PHOTO
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.