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

WORLD  02 December 2023 - 15:56

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.

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