Record U.S. oil production is driving a surge in crude exports from the Gulf Coast as traders seek international outlets to avoid a hefty year-end tax bill on their inventories. The U.S. Permian oil output is forecasted to reach its highest on record in January, with increases also projected for Bakken and Eagle Ford. The U.S. crude production has risen to 13.3 million barrels per day, surpassing Russia and Saudi Arabia's historical production. The EIA reported a 2.9 million barrel increase in crude, while refinery throughput stood at 16.5 million barrels per day, indicating a positive outlook for year-end.
β.. This year, the United States pumped out more oil than any other country in history, producing millions more barrels than Russia or Saudi Arabia ever have ..β πΊπΈ @TheAtlantic #OOTT @knowledge_vital https://t.co/g9k9bloZMH https://t.co/4KbuTpqvaa
EIA reported +2.9 million bbls for crude vs our estimate of +3.5 million b/d. Refinery throughput surprised to the upside at 16.5 million b/d, which should bode well going into year end. https://t.co/U3H6b2valK
π΄ EIA: US CRUDE PRODUCTION ROSE LAST WEEK TO 13.3 MLN BPD, THE HIGHEST ON RECORD.
BREAKING: Via weekly estimates, U.S. oil production reaches new all-time high: 13.3 million barrels per day.
π΄ EIA: US PERMIAN OIL OUTPUT DUE TO RISE IN JANUARY TO ITS HIGHEST ON RECORD.
π΄ U.S. PERMIAN BASIN OIL PRODUCTION FOR JANUARY SEEN UP 4,600 BPD AT 5.986 MLN BPD (VS 5,200 BPD RISE IN DECEMBER) - EIA PROJECTION.
π΄ US EAGLE FORD OIL PRODUCTION FOR JANUARY SEEN DOWN 1,500 BPD AT 1.149 MLN BPD (VS 3,000 BPD FALL IN DECEMBER) - EIA.
π΄ US BAKKEN OIL PRODUCTION FOR JANUARY SEEN UP 1,700 BPD AT 1.308 MLN BPD (VS 1,100 BPD RISE IN DECEMBER) - EIA RIG PRODUCTIVITY REPORT.
π΄ US EIA FORECASTS NEW WELL OIL PRODUCTION PER RIG AT: 1,838 BPD FOR BAKKEN (VS 1,818 BPD MONTH AGO); 1,332 BPD FOR PERMIAN (VS 1,319 BPD MONTH AGO); 1,629 BPD FOR EAGLE FORD (VS 1,590 BPD MONTH AGO).
RECORD OUTPUT, TAX DODGE PUSHES UP CRUDE EXPORTS FROM US GULF COAST (Reuters) Oil is flooding out of Texas in the final weeks of 2023, as traders find outlets abroad for record U.S. production and dodge a hefty year-end tax bill on their inventories. https://t.co/PwSGMxdJIy