Revised data from the US Energy Information Administration (EIA) has revealed that the US set a new record for monthly crude production in November last year, edging out a previous record set in November 1970.
The EIA’s previous report had estimated production at 10.038 million barrels a day (bpd), which was already significant for exceeding the 10 million bpd mark for the first time since 1970. The EIA’s latest figures put it slightly higher at 10.057 bpd, enough to surpass the previous all-time monthly record of 10.044.
Oil companies like ExxonMobil, which also makes industrial lubricants for Mobil stockists, are becoming ever more adept at extracting tight oil from locations like the Permian Basin. Together with offshore production in the Gulf of Mexico, there is little doubt that the US is on track to become the world’s biggest oil producer. The 2017 BP Statistical Review of World Energy, which includes natural gas liquids in its figures, already lists the US as the world’s top producer.
It was not all good news, though. The report also revealed that production dropped in December to 9.949 million bpd, largely due to lower production in the Gulf of Mexico. Despite this drop, it is likely that 2018 will see more new records being set. The EIA anticipates that US production will average 10.6 million bpd this year, rising to 11.2 million bpd in 2019. By comparison, Saudi Arabia was pumping 10.7 million bpd before it cut production as part of the OPEC-led deal.
