For sixth straight year, US leads global crude oil production

WASHINGTON, D.C.: This week, the Energy Information Administration (EIA) said that U.S. crude oil production led global oil production for a sixth straight year, with a record-breaking average production of 12.9 million barrels per day (bpd).

The agency added that in December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, stating, "The U.S. produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row."

The agency further added that it is unlikely that another country will break the record in the near term.

In January, Saudi Arabia's government ordered Aramco to halt its oil expansion plan and target a maximum sustained production capacity of 12 million barrels per day (bpd), one million bpd below a target announced in 2020.

Amid ongoing geopolitical concerns in the Middle East and Russia, along with softening demand in China, the global benchmark Brent fell below $82 a barrel at the beginning of this week.