U.S. Crude Oil Production Rates Sag In October

Crude oil production in the United States fell in the month of October, according to new data released by the Energy Information Administration on Friday. According to the latest data, average U.S. crude oil production fell from 13.252 million barrels per day in September to 13.248 million bpd in October—the first monthly decline in average daily production rates since April, but still the second-highest production rate in the history of the U.S. oil industry, behind only September. It is also 1.377 million bpd higher than pre-pandemic levels seen in January 2019. But while the daily average was down month over month, total production for October rose to 410.7 million barrels, compared to 397.6 million barrels in September—a difference of 13.1 million barrels, which roughly accounts for the extra day. While production rates were down month over month from September to October, EIA data shows an increase in production rates from January to October. U.S. crude production in January totaled 389.6 million barrels—or 12.6 million barrels per day—compared to the 410.7 million in October—or 13.2 million barrels per day. The EIA had previously forecast that U.S. crude oil production for October would average 13.257 million bpd. By state, Texas, New Mexico, Colorado, and Alaska account for a 57,000 bpd increase in production, while the largest declines were seen in North Dakota (-31,000 bpd) and the Gulf of Mexico (-40,000 bpd), according to the EIA data. In the agency’s latest edition of its Short Term Energy Outlook published earlier this month, the EIA forecast 2024 crude oil production in the United States at 13.11 million bpd, compared to the forecast for 2023 of 12.93 million bpd. The Energy Information Administration releases monthly production data on the last business day of the month.