With a record-breaking average production of 12.9 million barrels per day (bpd), the United States has led the world in crude oil production for the sixth consecutive year, according to a release from the Energy Information Administration (EIA) on Monday.

According to the EPA, U.S. output of crude oil reached a new monthly record high of over 13.3 million bpd in December.

“The United States 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 EIA added.

According to the EIA, it is doubtful that another nation will break the record anytime soon.

In other news, Aramco was given an order by the Saudi Arabian government in January to stop expanding its oil output and to aim for a maximum sustained production capacity of 12 million barrels per day (bpd), which is one million barrels per day less than the target set for 2020.

Monday saw a decline in global benchmark Brent, falling below $82 a barrel as worries about slowing Chinese demand combined with ongoing geopolitical tensions in the Middle East and Russia.

In response to worries about global growth and rising supply outside the group, OPEC+ countries, led by Saudi Arabia and Russia, recently decided to prolong voluntary oil output curbs of 2.2 million barrels per day into the second quarter. This move provided additional support to the market.

(Adapted from FoxBusiness.com)

Categories: Economy & Finance, Geopolitics, Strategy, Sustainability