US Crude Production Rises to All Time High

U.S. oil production surged to an all-time high in November, topping the previous record set nearly half a century ago, government data showed on Wednesday.

The nation’s drillers pumped 10.057 million barrels a day in November, the U.S. Energy Information Administration said in a monthly report. That edges out the previous record of 10.044 million barrels a day set in November 1970.


West Texas Intermediate graph

The record-setting output comes after a revision to last month’s report showing November’s output leaped to 10.038 million barrels a day.

While the new all-time high production shows American drillers pulled ahead of Saudi Arabia to briefly become the world’s second biggest producer, the United States may have slipped back into third place in December. The first monthly reading for December shows U.S. output slid back to 9.949 million barrels.

Saudi Arabia pumped just under 10 million barrels a day in December, according to figures from the kingdom and independent sources. The Saudis are limiting their output as part of a deal among two dozen producer nations that aims to reduce global stockpiles following a prolonged oil price slump.

Saudi Arabia was producing as much as 10.7 million barrels a day before it began turning off the taps, but U.S. drillers are on pace to produce roughly that much this year. EIA forecasts American production will average 10.6 million barrels a day in 2018.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza