U.S. Notches Biggest Gain in Oil Output

U.S. crude-oil production grew by more than one million barrels a day last year, the largest increase in the world and the largest in U.S. history.

In the latest sign of the shale revolution remaking world energy markets, crude production in the U.S. jumped 14% last year to 8.9 million barrels a day, according to the newly released Statistical Review of World Energy, an annual compilation of industry trends published by British Petroleum.

The wave of new crude, flowing in oil fields from North Dakota to south Texas, helped keep the global market adequately supplied and helped markets weather declining oil production elsewhere in the world."The growth in U.S. output was a major factor in keeping oil prices from rising sharply, despite a second consecutive year of large oil supply disruptions," said BP Chief Executive Bob Dudley.

In volume terms, last year's U.S. production gain of 1.04 million barrels a day surpassed the earlier biggest annual increase of 640,000 barrels per day, recorded in 1967.

Beyond the U.S., oil production increased almost 7% in Canada, raising North America's profile as a global oil producer.

Source:  Wall Street Journal

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