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U.S. oil production jumped to “record high” in August 2023, EIA reports

U.S. oil production jumped to “record high” in August 2023, EIA reports

by Julia Fanzeres, Bloomberg
click here to read the original article at Worldoil.com
*this article was not written by Roseland Oil & Gas


(Bloomberg) – U.S. crude oil production jumped to a record high of 13.05 MMbpd in August, the U.S. Energy Information Administration said Tuesday in a monthly report.

The production surpassed a previous high set in November 2019 of 13 MMbpd.

U.S. crude has been playing an increasingly vital role in global oil markets due OPEC+ leaders Saudi Arabia and Russia extending production cuts. The U.S. has routinely shipped about 4 MMbpd overseas to fill the gap from a tight physical market.

The latest oil production numbers come after major acquisitions that could also result in increased output. Exxon Mobil Corp. announced a takeover of Pioneer Natural Resources Co., while Chevron Corp.’s is purchasing Hess Corp.


by Julia Fanzeres, Bloomberg
click here to read the original article at Worldoil.com
*this article was not written by Roseland Oil & Gas