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Oil Prices Will Remain High For Years To Come

Oil Prices Will Remain High For Years To Come

Massive underinvestment and multi-year supply…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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U.S. Oil Production Is On The Rise Again

Crude oil production, including lease condensate, in the United States rose in September to 10.860 million barrels per day on average, according to the Energy Information Administration’s monthly report released on Monday.  September’s oil production was up 286,000 barrels per day on average compared to the month prior, but still down significantly—1.635 million bpd—from September 2019.

The increase in September over August was mostly due to offshore oil production off the Gulf of Mexico, which saw a 315,000 bpd increase to 1.510 million bpd. This compares to 1.917 million bpd in September 2019. 

North Dakota’s oil production also increased in September to 1.215 million bpd, for an increase of 61,000 bpd. 

Meanwhile, Texas—which accounts for the largest portion of oil production by far - saw declines in its September crude oil production, to 4.628 million bpd from 4.688 million bpd. Texas’ oil production is 563,000 bpd lower than the same month last year. 

Related: Has Asia Lost Interest In North Sea Oil?

Colorado’s oil production was also down, to 418,000 bpd from 445,000 bpd the month prior. And with the new rules Colorado’s oil and gas regulator just set out for the industry, it will be harder to attract oil companies to the state, and drilling activity is expected to slip further. 

The EIA reported that natural gas production, on the other hand, dipped in September, slumping 0.2% overall from August and 3.9% down from September last year. For natural gas, the biggest decreases were seen in Pennsylvania and Texas, while some of the largest increases in production came from offshore in the Gulf of Mexico, Alaska, North Dakota, Oklahoma, and New Mexico. The Federal Offshore Gulf of Mexico is down 44% from September last year.

By Julianne Geiger for Oilprice.com

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