US crude production to reach near record high

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The Energy Department's Information Administration reports crude oil production is expected to hit a near-record high in 2016.

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The projections, released by the Energy Information Administration on Monday, reveal the current surge in U.S. crude oil and natural gas production is expected to continue for years to come.

In 2016, crude production should be near the record set in 1970 of 9.6 million barrels per day, but after 2020, production is expected to level off and decline.

"EIA's updated reference case shows that advanced technologies for crude oil and natural gas production are continuing to increase domestic supply and reshape the U.S. energy economy as well as expand the potential for U.S. natural gas exports," said EIA Administrator Adam Sieminski in a statement. "Growing domestic hydrocarbon production is also reducing our net dependence on imported oil and benefiting the U.S. economy as natural-gas-intensive industries boost their output."

The American Petroleum Institute said the new forecast provided greater evidence for promoting exports and improving U.S. energy security.