U.S. oil production surpassed 10 million barrels a day in November for the first time in nearly 50 years, a milestone that underscores the growing dominance of the U.S. oil industry.

While global oil exporters once dismissed shale as a flash in the pan, the industry has emerged more efficient than ever from a three-year oil price rout and is poised to take advantage of prices that are at their highest levels since late 2014.

In...