US crude sets record
US oil output to set new record
Partisan political rhetoric has not prevented production growth
US crude production is on pace to set fresh records next year, regardless of seemingly poor relations between Washington and the upstream energy sector. Oil output in the US has steadily increased month-on-month since February. By September, average production had reached 12.3mn bl/d, the highest for any month since March 2020, and the EIA expects output to be sustained at similar levels going into next year. US production will average 12.4mn bl/d in 2023, “which would surpass the record high set in 2019”, the EIA predicts. That projected annual average output would be almost 6pc higher than the forecast average of 11.7mn bl/d for this year. By comparison, Saudi production averaged 10.9mn bl
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
