Oil & Gas

12 Mar 2024

US Leads Global Oil Production for Sixth Straight Year- EIA

12 Mar 2024  by reuters   

Very Large Crude Carriers (VLCCs) line up at the Port of Corpus Christi, where they are being loaded with crude oil for shipping worldwide, in this handout picture taken July 2022. Port of Corpus Christi/Handout via REUTERS/File Photo Purchase Licensing Rights
U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday.

In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said.

"The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added.

The EIA says it is unlikely that the record will be broken by another country in the near term.

Elsewhere, Saudi Arabia's government in January ordered Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), one million bpd below a target announced in 2020.

Global benchmark Brent fell on Monday, dipping below $82 a barrel, as persistent geopolitical concerns in the Middle East and Russia collide with jitters about softening demand in China.

Recently, OPEC+ members led by Saudi Arabia and Russia agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.


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