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
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
