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Drilling & Production

US oil production sets new record high in September, shrugging off surplus fears

Reuters

US oil production rose to record highs in September, data from the Energy Information Administration (EIA) showed on Friday, shrugging off concerns that the market is heading towards a surplus.

US crude oil output rose 44,000 barrels per day in September to a record 13.84 million bpd, according to EIA data.

Oil output from New Mexico, the second-largest oil producing state, hit a record 2.351 million bpd, while output from the federal offshore gulf region rose to 1.983 million bpd in September, the highest since February 2020.

Future US oil production growth is expected to be concentrated in the offshore gulf region as the country's top onshore fields move towards peak output.

US gross natural gas production from the Lower 48 states in September fell to 122.17 billion cubic feet per day, down slightly from August's all-time high of 122.8 bcfd, according to the agency's 914 production report.

Among top gas-producing states, monthly output in September fell by 0.63 per cent to 37.69 bcfd in Texas.

(Reporting by Nicole Jao in New York and Georgina McCartney in Houston, Editing by Rosalba O'Brien and Jan Harvey)