BACKOil & Gas Journal | Nick Snow | December 28, 2018
Reported total US crude production through Nov. 30 averaged more than 10.8 million b/d in 2018, 16.4% more than the monthly average of almost 9.3 million b/d for the comparable 2017 period, according to figures from EIA’s December 2018 Monthly Energy Review. Average monthly NGL production through November of more than 4.3 million b/d was almost 14.8% more than average monthly NGL production in 2017’s first 11 months, it said.
EIA’s figures confirmed findings in the November Monthly Statistical Report, which the American Petroleum Institute released a day earlier.
US crude production averaged a record 11.6 million b/d as NGL production also broke its record at an average 4.8 million b/d, it said. Crude oil exports also hit a record high at 2.4 million b/d during the month and US petroleum net imports fell to their lowest monthly level in more than 50 years at 2.2 million b/d, it added.
“Robust American energy production has solidified the United States’ position as the world’s No. 1 oil producer; this has enhanced our energy security, economy, and benefitted consumers at home and aboard,” API Chief Economist Dean Foreman said at the time. “Importantly, record NGL production of 4.8 million b/d in November also made the US gas industry the world’s No. 4 oil producer, narrowly edging out Iraq.
“To continue this success in 2019 and beyond, the industry needs policies to foster access to resources, investment in domestic and export infrastructure, a level playing field through cogent energy policies, and trustful international trade relations,” he said.