November 30, 2019

November 30, 2019

U.S. Oil Production Reaches All-Time High in November

U.S. Oil Production Reaches All-Time High in November

On November 8th, U.S. crude oil production reached a record-breaking high of 12.8 million barrels per day. This follows a record-breaking October which produced 12.6 million bpd. Recent data from the Energy Information Administration (EIA) showed oil production consistently grew throughout 2019, starting at around 11.9 million bpd in January and rising to the 12.8 million reached in November. The rise in production further cements the U.S. as the top oil-producing country in the world. The American Petroleum Institute (API) reported that the rise in production along with lower prices, “underscored the influence of U.S. oil production on global markets.” To put things into perspective, for total petroleum products (crude oil, petroleum liquid, & biofuels) the U.S. now leads the world with 17.9 million barrels per day. That is an incredible 18% of total global production. The second top producer, Saudi Arabia, comes in at just 12.4 million barrels per day followed by Russia with 11.4 million bpd. While this steady rise in production solidifies the United States as the world’s top oil-producing country, New Mexico’s Permian Basin is a clear driving force behind it. The state has experienced exponential growth in recent years and is nearing 1 million barrels per day on its own.

On November 8th, U.S. crude oil production reached a record-breaking high of 12.8 million barrels per day. This follows a record-breaking October which produced 12.6 million bpd. Recent data from the Energy Information Administration (EIA) showed oil production consistently grew throughout 2019, starting at around 11.9 million bpd in January and rising to the 12.8 million reached in November. The rise in production further cements the U.S. as the top oil-producing country in the world. The American Petroleum Institute (API) reported that the rise in production along with lower prices, “underscored the influence of U.S. oil production on global markets.” To put things into perspective, for total petroleum products (crude oil, petroleum liquid, & biofuels) the U.S. now leads the world with 17.9 million barrels per day. That is an incredible 18% of total global production. The second top producer, Saudi Arabia, comes in at just 12.4 million barrels per day followed by Russia with 11.4 million bpd. While this steady rise in production solidifies the United States as the world’s top oil-producing country, New Mexico’s Permian Basin is a clear driving force behind it. The state has experienced exponential growth in recent years and is nearing 1 million barrels per day on its own.

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