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
Constellation Energy Nearing $30B Deal for Calpine, Sources Say
2025-01-08 - Constellation Energy is nearing a roughly $30 billion deal to acquire power producer Calpine that could be announced as early as Jan. 13, sources familiar with the matter said.
Elliott Demands Phillips 66 Sell or Spin Off Midstream Biz for $40B+
2025-02-12 - Activist investor Elliott Capital Management disclosed Feb. 11 it has built a $2.5 billion position in Phillips 66 and issued a series of initiatives, including the sale or spinning off of the company’s midstream assets.
Prairie Operating to Buy Bayswater D-J Basin Assets for $600MM
2025-02-07 - Prairie Operating Co. will purchase about 24,000 net acres from Bayswater Exploration & Production, which will still retain assets in Colorado and continue development of its northern Midland Basin assets.
Amplify Updates $142MM Juniper Deal, Divests in East Texas Haynesville
2025-03-06 - Amplify Energy Corp. is moving forward on a deal to buy Juniper Capital portfolio companies North Peak Oil & Gas Holdings LLC and Century Oil and Gas Holdings LLC in the Denver-Julesburg and Powder River basins for $275.7 million, including debt.
Viper Buys $330MM Midland Interests in Shadow of $4.5B Dropdown
2025-01-31 - Viper Energy said that in addition to a $4.45 billion dropdown by Diamondback Energy, the company would also purchase royalty acreage in Howard County, Texas, for $330 million.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.