US crude sets record
US oil output to set new record
Partisan political rhetoric has not prevented production growth
US crude production is on pace to set fresh records next year, regardless of seemingly poor relations between Washington and the upstream energy sector. Oil output in the US has steadily increased month-on-month since February. By September, average production had reached 12.3mn bl/d, the highest for any month since March 2020, and the EIA expects output to be sustained at similar levels going into next year. US production will average 12.4mn bl/d in 2023, “which would surpass the record high set in 2019”, the EIA predicts. That projected annual average output would be almost 6pc higher than the forecast average of 11.7mn bl/d for this year. By comparison, Saudi production averaged 10.9mn bl
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
