U.S. Reaches Oil-Output Milestone Months Earlier Than Expected

(Bloomberg) -- U.S. oil production is gaining faster than expected as the country races to challenge giants Russia and Saudi Arabia.

Output topped 10 million barrels a day in November, reaching the highest level since 1970 and beating government forecasts by several months, according to data Wednesday from the Energy Information Administration. The agency previously predicted the country would reach the threshold in February 2018.

November output rose 4 percent from October, with the gains led by the usual producers: Texas, North Dakota and the Gulf of Mexico.

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