Home Investing News US leads global oil production for sixth straight year- EIA

US leads global oil production for sixth straight year- EIA


US leads global oil production for sixth straight year- EIA By Reuters

Breaking News



Published Mar 11, 2024 10:35AM ET
Updated Mar 11, 2024 12:23PM ET

© Reuters. FILE PHOTO: 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

(Reuters) – 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 (TADAWUL:2222) 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. [O/R]

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.

US leads global oil production for sixth straight year- EIA

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News