US Crude Oil Output Hits Record 10.47-M BPD in March

US Crude Oil Output Hits Record 10.47-M BPD in March

US Crude Oil Output Hits Record 10.47-M BPD in March

$USO, $OIL

US Crude Oil production rose 215,000 BPD to 10.47-M BPD in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report Thursday.

Production in Texas rose by 4% to almost 4.2-M BPD, a record high based on the data going back to Y 2005. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest US oilfield.

Output from North Dakota held around 1.2-M BPD, while output in the federal Gulf of Mexico declined 1.1$ to 1.7-M BPD.

The agency also revised February Crude Oil production down by 5,000 bbl to 10.26-M BPD.

US Nat Gas production in the lower 48 States rose to an all-time high of 88.8-B cubic feet per day (bcfd) in March, up from the prior record of 87.7 bcfd in February, according to EIA’s 914 production report.

US Crude Oil inventories fell by 3.6-M bbls in the week ended 25 May, the U.S. Energy Information Administration said, exceeding expectations for a decline of 525,000 bbl. Gasoline and diesel stocks rose, but the Crude draw-down was a salve for recent losses in US futures

MAGA

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