USA Crude Oil Production Averages Over 13 Million Barrels Per Day

U.S. crude oil production averaged 13.13 million barrels per day in the third quarter of 2023, according to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released last week.

During the quarter, Lower 48 states, excluding the Gulf of Mexico, produced an average of 10.77 million barrels per day, the STEO revealed. The Federal Gulf of Mexico saw an average output of 1.95 million barrels per day in the third quarter, while Alaska saw average production of 0.42 million barrels per day during the period, the STEO showed.

In its previous STEO, which was released in September, the EIA projected that U.S. crude oil production would average 12.86 million barrels per day in the third quarter. In that STEO, the organization saw production in the Lower 48 states, excluding the Gulf of Mexico, coming in at 10.59 million barrels per day in the third quarter. The EIA’s September STEO projected that Federal Gulf of Mexico production would average 1.86 million barrels per day and that Alaska output would average 0.41 million barrels per day in the third quarter.

In its latest STEO, the EIA forecasts that U.S. crude oil production will average 12.92 million barrels per day overall in 2023 and 13.12 million barrels per day overall in 2024. Lower 48 states production, excluding the Gulf of Mexico, is projected to average 10.62 million barrels per day this year and 10.84 million barrels per day next year, while Federal Gulf of Mexico output is expected to come in at 1.87 million barrels per day in both 2023 and 2024, the October STEO revealed. Alaska production is anticipated to come in at 0.43 million barrels per day this year and 0.41 million barrels per day next year, according to the October STEO.

The EIA’s September STEO projected that U.S. crude oil production would average 12.78 million barrels per day in 2023 and 13.16 million barrels per day in 2024. That STEO saw Lower 48 states production, excluding the Gulf of Mexico, averaging 10.51 million barrels per day this year and 10.85 million barrels per day next year, and Federal Gulf of Mexico output averaging 1.85 million barrels per day in 2023 and 1.90 million barrels per day in 2024. Alaska production was expected to average 0.43 million barrels per day this year and 0.41 million barrels per day next year in the EIA’s September STEO.

The EIA outlined in its latest STEO that it sees U.S. crude oil output averaging 13.16 million barrels per day in the fourth quarter, 13.07 million barrels per day in the first quarter of 2024, 13.02 million barrels per day in the second quarter of next year, 13.07 million barrels per day in the third quarter, and 13.31 million barrels per day in the fourth quarter.

In its previous STEO, the EIA revealed that it expected U.S. crude oil production to come in at 12.94 million barrels per day in the fourth quarter, 13.03 million barrels per day in the first quarter of 2024, 13.09 million barrels per day in the second quarter, 13.15 million barrels per day in the third quarter, and 13.36 million barrels per day in the fourth quarter.

Both the October and September STEO place the U.S. crude oil supply average at 11.52 million barrels per day in the first quarter of 2022, 11.77 million barrels per day in the second quarter of last year, 12.05 million barrels per day in the third quarter, 12.30 million barrels per day in the fourth quarter, and 12.63 million barrels per day in the first quarter of this year.

While the EIA’s September STEO saw U.S. crude oil production averaging 12.71 million barrels per day in the second quarter, the organization’s October STEO saw the country’s second quarter crude oil production averaging 12.75 million barrels per day.

According to data on the EIA site, which was last updated on September 29 and stretches from January 1920 to July 2023, U.S. field production of crude oil came in at 12.991 million barrels per day in July this year. There is only one month in the whole data set that saw a higher production figure – November 2019, when U.S. crude oil production was shown to have hit 13.000 million barrels per day. 

U.S. crude oil output came in at 11.834 million barrels per day in July 2022, 11.392 million barrels per day in July 2021, 11.004 million barrels per day in July 2020, and 11.896 million barrels per day in July 2019, the data showed.

Crude oil production in the country was 12.900 million barrels per day in June 2023, 12.694 million barrels per in May, 12.650 million barrels per day in April, 12.770 million barrels per day in March, 12.532 million barrels per day in February, and 12.568 million barrels per day in January, according to the EIA data. 

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