US oil production has returned to a peak last seen in the heyday of the Texas oil boom 47 years ago, as the shale revolution that was temporarily set back by low crude prices has reignited.
The government’s Energy Information Administration estimated yesterday that US output was running at just under 10.04m barrels a day last November, fractionally below the previous record set in November 1970.
Soaring output from shale wells has put the US on course to overtake Saudi Arabia and Russia to become the world’s largest crude producer, shaking up oil markets and the geopolitics of energy.
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