US crude oil production appears to be rising strongly thanks to increased shale drilling as well as rising offshore output from the Gulf of Mexico.
Production averaged almost 9 million barrels per day (b/d) in the four weeks to Feb. 24, according to the latest weekly estimates published by the Energy Information Administration.
Production has been on an upward trend since hitting a cyclical low of 8.5 million b/d in September (“Weekly Petroleum Status Report”, EIA, March 1).
