The United States produces oil in record volumes for the entire world – Kommersant

According to a report by S&P Global Commodity Insights, the United States is close to setting a world record for oil production. According to S&P, average daily production by US companies will reach 13.3 million barrels in the fourth quarter. No other country in the world has pumped oil so actively in its entire history.

Already at the end of November, according to data Ministry of Energy, oil production reached a record 13.2 million barrels per day, surpassing the previous record set in March 2020 – 13.1 million barrels per day.

Record oil production allows the United States to export as much as Saudi Arabia and Russia produce. Based on the results of the first nine months of the year, oil became the main export product of the United States, which happened for the first time since 2009. From January to September of this year, the United States sold $86 billion worth of oil to world markets. And second on the list are petroleum products with an export volume of $83 billion over the same period. Since the beginning of 2022, oil production in the United States has increased by 800 thousand bpd. The country now exports about 4 million barrels per day, which is more than all OPEC+ members except Saudi Arabia.

As analysts note, it is record production volumes and increased exports of American oil that help maintain oil prices on the world market, despite the reduction in production by OPEC+ countries.

At the end of November, OPEC+ countries came to the agreement, according to which Saudi Arabia extends the voluntary reduction in oil exports by 1 million bpd, Russia increases the reduction to 500 thousand bpd, and the rest of the organization countries collectively reduce oil exports by 500 thousand bpd. The agreement is valid until March 2024.

Yuri Barsukov on the difficulties of OPEC+ leaders in maintaining oil prices – in material “Kommersant”.

Kirill Sarkhanyants