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