US Crude Oil Production Hits New Record
US oil producers achieved a new record in crude oil production last week, pumping an average of 13.4 million barrels per day (b/d) from US oil fields, according to government data released on Wednesday. This surpasses the previous record of 13.3 million reached earlier this year.
This surge in production has solidified the United States as the world’s largest oil and gas producer, surpassing previous expectations. The previous record was set just one week prior.
Factors Contributing to Increased Production:
Increased efficiency in oil pumping despite a reduction in the number of drilling rigs in operation.
Compensation for OPEC+ production cuts, which have impacted global oil supplies.
Political Implications:
The record production comes amidst political debate surrounding energy policy. Republican presidential candidate Donald Trump criticized the Biden administration’s policies, alleging they have negatively impacted the oil and gas industry.
Future Outlook:
The continued rise in US oil production is expected to contribute to global energy security and potentially influence market dynamics. Vice President Kamala Harris has not yet released her own energy policy, but her campaign has indicated she will not ban fracking, a departure from her 2019 stance.