US Crude Oil Production Reaches Highest Level in 3 Years




According to data from the Energy Information Administration (EIA) yesterday, Wednesday, the production of crude oil from U.S. fields increased in March to 12.696 million barrels per day, the highest level since March 2020 when the COVID-19 pandemic began to reduce global energy demand.

The EIA data showed that the increase in crude oil production was accompanied by a 1.8% increase in production in Texas to 5.398 million barrels per day, also the highest level since March 2020. Crude oil consumption has increased since the pandemic, and last year's Russian war on Ukraine has caused a global restructuring of the oil and its derivatives sector.

Production in North Dakota decreased by 2.9% to 1.095 million barrels per day, the lowest level since January. In New Mexico, production increased by 1.2% to a record level of 1.824 million barrels per day.

The EIA data also showed that the supply of U.S. petroleum products, including crude oil and derivatives, rose to 20.449 million barrels per day, the highest level since November 2022. Total natural gas production in the contiguous 48 U.S. states increased by 0.8 billion cubic feet per day to 113.8 billion cubic feet per day in March, surpassing the previous record level of 112.9 billion cubic feet per day in February 2023, according to the monthly production report from the EIA.

In the states with the highest gas production, monthly production in March increased by 1.3% to 20.7 billion cubic feet per day in Pennsylvania and by 2.3% to a record level of 33 billion cubic feet per day in Texas.

This surpassed the previous record level in Texas of 32.4 billion cubic feet per day in January 2023, compared to the previous record of 21.8 billion cubic feet per day in Pennsylvania in December.