2018.03.0122:23:00UTC+00U.S. Crude Oil Output Shoots Past Record High in November: EIA

U.S. crude oil production surpassed a 47-year supply record in November and marginally declined in December, according to the U.S. Energy Department, as oil production from shale continued to defy global supply trends.

In November, oil production climbed to 10.057 million barrels per day. The figures were revised from prior estimates, according to the EIA. December production declined 108, 000 bpd to 9.949 million bpd, it reported.

November's figures surpassed the 10.044 million barrels pumped out daily in November 1970. In the last several years, output has jumped as a result from the shale boom, driving the U.S. higher than Saudi Arabia in the top global producers' ranking. It is only behind Russia in terms of daily oil output.

The new record is not expected to last long. The U.S. government estimates production will reach 11 million barrels per day later this year.

Increases in production are primarily due to increasing production in shale regions in Texas and Dakota. Production in the areas sharply increased at the start of the decade as new techniques and technology allowed drillers to extract bigger amount of crude.

The rise in crude production has reduced U.S. oil imports by a fifth over a decade and bolstered energy exports.

Total crude oil and products demand in December stood at 20.08 million bpd, around 0.5 percent higher from 19.98 million bpd a year prior and falling around 1 percent from the preceding month.