Oil prices picked up midyear after a volatile first six months. Regardless of price movements, U.S. producers kept their foot on the gas, producing on average of 6.6 million barrels per day. U.S. production declined slightly on a month-over-month basis only twice during the year by amounts that were essentially flat growth.
The percentage of shale production within total U.S. output grew steadily throughout the year, ending November at about 77% of all U.S. production. The amount of domestically produced crude that was exported was about 15% at the end of November, up from 5% at the end of November 2016.
OPEC played a more traditional economic game, adjusting production in accordance with price movements.
