US crude oil output to hit 7.9m barrels a day next year

US crude oil production is expected to rise to 7.9m barrels a day in 2014, marking the highest annual level of production since the late 1980s.

According to the US Energy Information Administration’s Short-Term Energy Outlook, US domestic crude oil production will increase to 7.3m barrels a day this year, before rising to 7.9m barrels next year.

The jump – from the current 6.4m barrels a day pumped domestically last year – marks a hike of 23 per cent.

The increase demonstrated how fracking has transformed the US energy market over the past five years.

If the EIA’s projections prove accurate, US crude oil production will have risen by 40 per cent between 2011 and 2014.