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Crude oil production in the U.S. set a new record in 2023 and led global output for the sixth straight year, the Energy Information Administration said in data released on Monday.
The U.S. tallied an all-time worldwide high output averaging 12.9M bbl/day of crude and condensates last year, exceeding the previous global record of 12.3M bbl/day set by the U.S. in 2019 and widening the gap between the leading producer and Russia and Saudi Arabia, respectively the second- and third-largest producers, according to the EIA.
Russia produced 10.1M bbl/day in 2023, followed by Saudi Arabia with 9.7M bbl/day, with the following three producers in volume – Canada, Iraq and China – totaling a combined production of 13.1M bbl/day, only slightly above what the U.S. alone produced.
In December, U.S. crude oil production hit a new monthly record high of more than 13.3M bbl/day, the EIA said.
Crude oil prices ended little changed Monday, as front-month Nymex crude (CL1:COM) for April delivery closed -0.1% to a two-week low $77.93/bbl, its seventh loss in the past nine sessions, while front-month May Brent crude (CO1:COM) settled +0.1% to $82.21/bbl.
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The oil market is juggling competing bullish and bearish factors: OPEC+ output cuts cuts and Middle East tensions are being offset by rising supply from non-OPEC producers and persistent concerns over the economic outlook for top importer China.
Noting the rangebound nature of crude oil pricing over the past month, Global X Management research director Rohan Reddy said “now it’s about whether major consumers like China can drive a recovery or not, and whether geopolitical issues like the wars and shipping blockages will do any further harm.”