US crude oil output exceeded 10 million barrels per day for November, 2017, it is the first time since 1970, reports U.S. Energy Information Administration(EIA).
According to EIA data, In November, 2017, U.S. produced 4% more crude oil compared to October, 10.038 bpd. A similar result was recorded 40 years ago last time, in 1970. It was 10.044 million bpd, according to The Wall Street Journal.
Increase in U.S. crude oil output can clean the oil market balance off, removing the results of OPEC+ oil production cuts, which was extended until late 2018 to draw oil prices up.
At the same time, The Wall Street Journal notes that even if oil falls in price, shale oil produces will pump more oil, as they have become efficient due to three-year oil price fall.