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
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
Vision RNG Expands Leadership Team
2024-05-01 - Vision RNG named Adam Beck as vice president of project execution, Doug Prechter as vice president of finance and Beckie Dille as HR manager.
GE Vernova Completes Spin-Off from GE
2024-04-04 - GE Vernova, an energy transition company, began trading as an independent company on the New York Stock Exchange this week.
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.