U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 MMbbl/d, the Energy Information Administration (EIA) said in a release on March 11.
In December, U.S. crude oil production hit a new monthly record high of over 13.3 MMbbl/d, 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 MMbbl/d, one million bpd below a target announced in 2020.
Global benchmark Brent fell on March 11, dipping below $82/bbl, 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.
Recommended Reading
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Quantum Capital’s View on AI: Lots of Benefits, Pain Points
2024-05-16 - The energy industry is lagging in the race to implement AI, but Sebastian Gass, CTO of Quantum Capital Group, offered a few solutions during Hart Energy’s 2024 SUPER DUG Conference & Expo.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.
Permian Powerhouse: Apache Doubles Down on Core Assets After Callon Acquisition
2024-05-16 - Apache CEO John Christmann detailed plans for the Permian Basin and Suriname during the SUPER DUG Conference & Expo.
Exclusive: Adkins on Challenged Gas Prices, Growing Crude Demand
2024-05-16 - J. Marshall Adkins, head of energy investment banking at Raymond James, details the future of natural gas prices and misconceptions about crude demand coming to an end in this Hart Energy Exclusive interview.