US oil output continues to surge despite four-year low crude prices

The International Energy Agency have released figures expecting US oil output to increase by 1.4m b/d this year

The ongoing surge in US light, tight oil helped to push the country's total crude output to record levels in October, despite oil prices being at four-year lows. Total US oil output, including crude oil, condensate and natural gas liquids (NGL),  averaged 12.2 million barrels a day (b/d) in October, according to figures from the International Energy Agency (IEA). US crude oil production increased by 150,000 b/d in October, reaching 8.9m b/d. This was driven by the surge in the country's soaring light, tight oil production, which reached 3.9m b/d in October - a 100,000 b/d rise from the previous month. NGL output also bounced back up to 3m b/d last month as production recovered from September