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The Energy Information Administration slashed its 2017 US oil production forecast by 100,000 barrels per day to an average of 9.25 million barrels per day and lowered its 2018 estimate by 70,000 barrels per day to 9.84 million barrels per day. Despite the downward revision, US crude production is still expected to climb to an all-time high next year, breaking the previous 9.6-million-barrel-per-day record set in 1970.

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