Report: U.S. crude daily output hits 11M barrels, beats Russia, Saudi Arabia

07/6/2014 | Bloomberg

U.S. crude oil output surpassed the production of Saudi Arabia and Russia with over 11 million barrels per day in the first quarter, Bank of America said in a report. As the shale boom helps the U.S. recover economically, "it's very likely the U.S. stays as No. 1 producer for the rest of the year," said Francisco Blanch, head of commodities research at the bank. Production is also expected to increase further in the second half of the year, he added.

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