US crude production hit an all time high in November, rising to 10.057 million barrels per day, before retreating slightly in December, according to the US Energy Information Administration. Anadarko photo.
November 2017 US crude production surpassed 1970 record of 10.044 million b/d
US crude production hit a record high in November, shattering a 47-year old mark and then slipped back slightly in December, according to the US Energy Information Administration on Wednesday.
Crude output in the United States rose to 10.057 million barrels per day (b/d) in November and fell back to 9.949 million b/d in December.
In November 1970, US crude production hit 10.044 million b/d. Monthly average oil output in the US only rose above 10 million b/d one other time in the past, in October 1970.
Production declined in December mostly because of a drop in output of 131,000 b/d from production in the Gulf of Mexico as four offshore platforms were shuttered following a fire.
Natural gas production in the US also rose to an all-time high late last year. In December, natural gas output hit 87.1 billion cubic feet per day, up from a previous record of 86.4 bcfd set in November.
In December 2016, natural gas production was only at 78.5 bcfd.
According to the EIA data, the increase in natural gas production is mostly driven by a 3.1 per cent gain in output in Pennsylvania, to a record high of 16.2 bcfd. Natural gas output in Louisiana also jumped, rising 3.7 per cent to 7.0 bcfd, the highest since March 2013.
Natural gas output in Texas dropped 0.2 per cent to 22.7 bcfd.
Rising US production continues to pressure oil prices, undermining OPEC’s efforts to cut the global supply of crude. In January 2017, the cartel along with some oil producing nations, including Russia, agreed to cut their collective crude production by 1.3 million b/d.