U.S. crude production rises to record as drilling climbs in Texas: EIA

NEW YORK (Reuters) by Jessica Resnick-Ault – U.S. crude oil production rose 231,000 barrels per day, or 2 percent, to a record 10.674 million bpd in June, the U.S. Energy Information Administration said in a pair of monthly reports on Friday. The agency also revised its estimate for May up by 1,000 bpd to 10.4 million bpd. U.S. crude production has been increasing, nearing top producers Russia and Saudi Arabia. Saudi Arabia produced 10.5 million bpd in August, according to a Reuters survey. Russian output was seen at 11.2 million bpd in July, and was expected to hold that level in August. U.S. output has been closely watched by crude oil markets, which have contended with concerns about oversupply as oil production ramps up and trade tensions between the United States and China weigh on global demand forecasts. The gains reflected growing production onland in Texas, where output climbed 165,000 bpd, or 3.9 percent, to 4.4 million bpd. Output also rose in the Gulf of Mexico, climbing 10.3 percent, or 154,000 bpd to 1.7 million bpd. Crude and refined products exports rose from a month earlier. Crude oil exports rose nearly 200,000 bpd in the month, hitting a fresh record… continue reading

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