US hits historic high in oil production with 13.24 million barrels per day

September 2023 will forever be etched in the annals of the United States’ energy history. In this month, the country’s oil production reached a new zenith, with a record output of 13.24 million barrels per day (b/d), a 1.7% increase over a period of six months. This information was reported by BNN News citing the Energy Information Administration (EIA), a division of the US Department of Energy.

This record-breaking figure was acknowledged by the Financial Times as the highest in US history, marking a pivotal point for the nation’s energy sector. The United States’ crude oil production in September was noted to be a new monthly record by EIA data released on November 30th. A surge in production to 13.24 million barrels per day (b/d) signifies not just a numerical increase, but a testament to the resilience and adaptability of the country’s energy industry.

As a repercussion of lower oil prices, US gas prices have either fallen or remained steady since September 19. As per the American Automobile Association (AAA), gas is currently averaging just below $3.25 a gallon, a decline of approximately 7% from a month ago. This drop in gas prices serves as a relief to consumers and provides a glimpse into the intricate dynamics between oil production and consumer gas prices.

Amidst these developments, several countries within the OPEC+ conglomerate have agreed to voluntarily cut oil production by a total of 2.2 million barrels per day in the first quarter of 2024. This decision, announced on Thursday, comes in as a strategic response to the increasing oil output by non-member countries such as the United States. As the global energy landscape continues to evolve, the balance between production, consumption, and environmental impact remains a vital consideration.