US Crude Oil Output Hits Record 10.47-M BPD in March
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 futures remained under pressure in comparison to global Brent Crude, which rallied to push the spread between the 2 to the highest level in more than 3 years.
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
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