US oil output hits a record despite Biden’s best efforts
Tom KirkmanIndependent Project Manager
Despite the Biden administration’s promised and repeated best attempts to shut down domestic U.S. oil production, the U.S. is currently producing more oil than any other country
●》in the history of the world.
Massive fail, Biden.
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“Defying earlier expectations of slowing growth, U.S. crude oil production has surged this year to extend America’s lead at the top of the ranking of the world’s biggest oil producers.
… The recent surge in oil production is putting the U.S. firmly in the lead among the five biggest oil-producing countries in the world.
The list also includes OPEC+ producers Saudi Arabia, Russia, and Iraq, and another North American producer – Canada.
●》#1 The United States
The U.S. is now producing more than 13 million barrels per day (bpd) of crude oil
● 》- more than any country ever – 《 ●
and is headed to a continued increase in the short and medium term.
U.S. crude oil production hit a new monthly record of 13.236 million bpd in September, according to the latest data from the U.S. Energy Information Administration (EIA).
“The growth has not just been a Permian story. We’re seeing many shale basins that were flattish experiencing a revival,” Francisco Blanch, Head of Global Commodities and Derivatives Research at BofA, said on a call to discuss the bank’s energy outlook, as quoted by Reuters.
The U.S. shale patch is now looking to do more with less as it seeks capital and operational efficiency to prove to shareholders that it has turned the page from growth at all costs to measured growth accompanied by higher returns to investors.
This year, U.S. crude oil production is set to average 12.93 million bpd, and rise further to average 13.11 million bpd next year, the EIA said in its Short-Term Energy Outlook (STEO) in December.
Soaring production is also leading to surging exports of U.S. crude oil and petroleum products.
“Not only is the U.S. producing more oil than any country in history, but the amount of oil (crude oil, refined products and natural gas liquids) that it is exporting is near the total production of Saudi Arabia or Russia,” Jim Burkhard, Vice President and Head of Research for Oil Markets, Energy and Mobility, at S&P Global Commodity Insights, said in research cited by Forbes.
… #2 Saudi Arabia
Saudi Arabia, the leader of OPEC and the OPEC+ group, has been the second-largest oil producer in the world this year.
… #3 Russia
Russia, the key Saudi partner in the OPEC+ alliance, is believed to be producing around 9 million bpd of crude oil.
… #4 Canada
Last year, Canadian oil production hit a record 4.86 million bpd, per data from the Canada Energy Regulator.
… #5 Iraq
OPEC’s second-largest producer, Iraq, has been the fifth-biggest oil-producing country in the world this year, with output averaging around 4.3 million bpd, per OPEC’s secondary sources in its monthly reports. …”