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Crude oil production in the US set a new record in 2023 and led global production for the sixth consecutive year, the Energy Information Administration said in data released Monday.
The United States recorded an all-time high global production averaging 12.9 million. bbl/day of crude oil and condensates last year, surpassing the previous world record of 12.3 million bbl/day set by the US in 2019 and widening the gap between the top producer and Russia and Saudi Arabia, respectively the second and third largest producer. , according to the EIA.
Russia produced 10.1 million barrels/day in 2023, followed by Saudi Arabia with 9.7 million barrels/day, and the next three producers in volume (Canada, Iraq and China) totaled a combined production of 13.1 million of barrels/day, only slightly above what the United States alone produced.
In December, U.S. crude oil production hit a new monthly record of more than 13.3 million barrels/day, the EIA said.
Crude oil prices ended little changed on Monday, as next month's Nymex (CL1:COM) crude oil closed for April delivery. -0.1% to a two-week low of $77.93/bbl, its seventh loss in the last nine sessions, while front-month May Brent crude (CO1:COM) closed +0.1% at $82.21/barrel.
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The oil market juggles competing bullish and bearish factors: OPEC+ production cuts and tensions in the Middle East are being offset by rising supply from non-OPEC producers and lingering concerns about the economic outlook for top importer China.
Noting the variable nature of crude oil prices over the past month, Global “geopolitical issues such as wars and shipping blockades will have some effect.” more damage.”
