US Retains Top Spot in Global Oil Production for Sixth Consecutive Year, Says EIA

Energy Information Administration Report Highlights Record-Breaking US Crude Oil Output

Mar 11, 2024 - 11:17
Mar 11, 2024 - 11:17
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US Retains Top Spot in Global Oil Production for Sixth Consecutive Year, Says EIA
US Retains Top Spot in Global Oil Production for Sixth Consecutive Year, Says EIA

According to the latest release from the Energy Information Administration (EIA), the United States has maintained its position as the world's leading crude oil producer for the sixth year in a row. The report reveals that the US achieved an impressive daily production average of 12.9 million barrels, setting a new record.

In December, US crude oil production reached an all-time high of over 13.3 million barrels per day, marking another milestone for the nation's oil industry.

The EIA emphasized this achievement, stating, "For the past six years, the United States has consistently produced more crude oil than any other country, as indicated by our International Energy Statistics."

The agency also noted that it is unlikely for any other country to surpass this record in the near future, highlighting the strength and dominance of the US oil sector.

In contrast, Saudi Arabia made a significant decision in January to halt its oil expansion plans. The Saudi government instructed Aramco to limit its production capacity to 12 million barrels per day, a reduction from the previous target set in 2020.

Despite ongoing geopolitical tensions in regions like the Middle East and Russia, the global benchmark Brent crude oil experienced a decline on Monday, dropping below $82 per barrel. This dip reflects concerns about weakening demand in China alongside geopolitical uncertainties.

In efforts to stabilize the market, members of the OPEC+ alliance, led by Saudi Arabia and Russia, recently agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter. This decision aims to address concerns about global economic growth and rising oil production from non-OPEC+ countries.

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