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- Since first surpassing the previous record in August 2023, U.S. crude oil production has increased another 2%, exceeding the pre-pandemic November 2019 peak by 0.3 million b/d. The number of new wells brought on line by drilling activity has historically been the key determinant of whether crude oil production increases or decreases.
www.eia.gov/todayinenergy/detail.php?id=61523
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Mar 7, 2024 · Based on the latest available international data (2022), Canada remained among the top four oil producers worldwide. The overall increase in 2023 was largely driven by production from the oil sands (+2.1%).
Mar 11, 2024 · The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019.
- Evidence of demand destruction is appearing with preliminary September data showing that US gasoline consumption fell to two-decade lows. Buoyant demand growth in China, India and Brazil, nevertheless underpins an increase of 2.3 mb/d to 101.9 mb/d in 2023, of which China accounts for 77%.
- World oil output rose 270 kb/d in September to 101.6 mb/d, led by higher production from Nigeria and Kazakhstan. The Israel-Hamas conflict has not had any direct impact on oil flows.
- Refinery margins fell sharply from near-record levels over the course of September and into October, as gasoline and fuel oil cracks collapsed, but overall remained above the seasonal average.
- Global observed oil inventories tumbled by 63.9 mb in August, led by a massive 102.3 mb draw in crude oil stocks. Preliminary data suggest that on land inventories continued to draw in September, while oil on water rebounded as exports recovered.
- World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
- US oil supply growth continues to defy expectations, with output shattering the 20 mb/d mark. This, combined with record Brazilian and Guyanese production along with surging Iranian flows will lift world output by 1.8 mb/d to 101.9 mb/d in 2023.
- Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December. The lower prices and a 200 kb/d drop in oil shipments pushed November export revenues for crude and products down 17% m-o-m to $15.2 billion, a level not seen since July 2023.
- Refinery margins in Europe and Singapore rebounded marginally in November, but the US Gulf Coast underperformed again, slipping for the third month running.
Dec 28, 2023 · As the year comes to a close, gas prices in the U.S are at their lowest point of 2023. And not coincidentally, domestic oil production is at a record level. But it comes at a time when the...
The petrochemical sector will remain the key driver of global oil demand growth, with liquified petroleum gas (LPG), ethane and naphtha accounting for more than 50% of the rise between 2022 and 2028 and nearly 90% of the increase compared with pre-pandemic levels.
Sep 14, 2023 · Oil prices climbed on Thursday to their highest this year, as expectations of tighter supply outweighed worries about weaker economic growth and rising U.S. crude inventories.
