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Record-High US Oil Production Surpasses 13 Million Barrels a Day


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US crude production jumped to a record high of 13.05 million barrels a day in August, the US Energy Information Administration said Tuesday in a monthly report.

The output surpassed a previous high set in November 2019 of 13 million barrels a day.

US crude has been playing an increasingly vital role in global oil markets due OPEC+ leaders Saudi Arabia and Russia extending production cuts. The US has routinely shipped about 4 million barrels a day overseas to fill the gap from a tight physical market.

The latest production numbers come after major acquisitions that could also result in increased output. Exxon Mobil Corp. announced a takeover of Pioneer Natural Resources Co., while Chevron Corp.’s is purchasing Hess Corp.



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