US crude oil output hits record high

US oil production rose to a record high of 11.9 million barrels per day (bpd) in the week ending Jan. 11, the Energy Information Administration (EIA) reported yesterday. 

Notably, the US oil output has jumped 2.4 million bpd since January 2018 and is seen average 12.1 million bpd in 2019 and 12.9 million bpd in 2020, as per the EIA estimates.