U.S. oil production rose to a record high in September, data from the Energy Information Administration (EIA) on Friday showed, despite oversupply worries.
Oil production in the U.S. has continued to hit record highs this year despite a weak price environment, further weighing on global prices. Benchmark Brent crude was trading just below $64 on Friday, about 14% below the same time last year.
U.S. crude oil output rose 44,000 barrels per day during the month to a record 13.84 million bpd, according to EIA data.
Oil output in New Mexico, the second-largest oil-producing state, hit a record 2.351 million bpd, while output from the federal offshore gulf region rose to 1.983 million bpd in September, the highest since February 2020.
Future U.S. oil production growth is expected to be concentrated in the offshore gulf region as the country’s top onshore fields move towards peak output.
U.S. gross natural gas production from the Lower 48 states in September fell to 122.17 billion cubic feet per day, down slightly from August’s all-time high of 122.8 bcfd, according to the agency’s 914 production report.
Among top gas-producing states, monthly output in September fell by 0.63% to 37.69 bcfd in Texas.
Source: Reuters
