US oil production continues to defy gravity, hits all-time high

US oil manufacturing reached a brand new file excessive of 13.05 million barrels per day (bpd) in August, defying expectations amid falling rig counts, in keeping with the Vitality Data Company (EIA). This surpasses the earlier month-to-month excessive of 13 million bpd in November 2019 and is sort of a million bpd larger than final yr. The rise in manufacturing comes as Russia and Saudi Arabia lower manufacturing to assist costs, with US beneficial properties offsetting OPEC’s output cuts. The rise in manufacturing is attributed to larger drilling efficiencies, notably in Texas’ Permian shale basin. Regardless of the pandemic, US oil manufacturing has steadily elevated since 2010 and is now nearly 30% larger than peak pandemic ranges. The US stays a web importer of oil, however its manufacturing progress is seen as an financial miracle by Goldman Sachs.

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