The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply.
Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last.
According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd.
The oil output of New Mexico, which is the second largest state in terms of production, reached a record-breaking 2.351 millions bpd. Meanwhile, output from the federal offshore Gulf region increased to 1.983million bpd during September, marking the highest level since February 2020.
As the top U.S. onshore oil fields reach their peak production, future growth in U.S. crude oil production is expected to concentrate offshore in the Gulf region.
According to the 914 report of the U.S. Agency for Natural Gas, the gross U.S. natural gas production in the Lower 48 States fell to 122.17 bcfd per day in September, a slight drop from August's record-breaking 122.8 bcfd.
Texas ranked first among the top producing states in terms of monthly production, with 37.69 billion cubic feet per day (bcfd) produced. (Reporting from Nicole Jao in New York, Georgina McCartney at Houston and Editing by Rosalba o'Brien and Jan Harvey.
(source: Reuters)