US Oil Production Nears Record as Texas Shale Output Soars - Yahoo Finance
US Oil Production Nears Record as Texas Shale Output Soars
(Bloomberg) -- US crude production reached the second-highest level on record in July as output from Texas’s Permian Basin soared to an all-time high.
Most Read from Bloomberg
Europe’s Richest Royal Family Builds $300 Billion Finance Empire
Pakistan Rupee Set to Become Top Performing Currency Globally
Murder Claim in Canada Is Only Helping India Leader Modi at Home
Weight-Loss Drugs Estimated to Save Airlines Millions
Top Chinese Scientist Claims India Moon Landing Nowhere Near South Pole
The nation’s output rose to 12.991 million barrels a day, the highest since a peak of 13 million barrels in November 2019, according to data from the Energy Information Administration. Most of the gain came from Texas, where drillers produced a record 5.63 million barrels a day.
The output growth comes even as explorers dial back activity. The number of rigs searching for oil in the US has contracted by 20% since late November, with the total falling by five this week to 502, according to data released Friday by Baker Hughes Co.
The increased production from the US had helped fill a void in global markets left by output cuts from Saudi Arabia and Russia in recent months, with the country routinely exporting more than 4 million barrels a day. But so far it hasn’t been enough to ease crude prices as the constrained supply picture meets with rising global demand, and dwindling supplies at home may start to slow shipments abroad.
--With assistance from David Wethe.
(Updates with rig count in third paragraph)
Most Read from Bloomberg Businessweek
Huawei Takes Revenge as China Catches Up on Semiconductors
A Nobel Laureate Offers a Biting Critique of Economics
Google User Data Has Become a Favorite Police Shortcut
Got Plastic With a No. 2 Recycling Symbol? Beware a Toxic Problem
Feeding the World Once Brought the US Untold Influence—No More
©2023 Bloomberg L.P.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.