*US crude output has finally topped the 13.00mn b/d record set in November 2019. The US Energy Information Administration’s latest Short Term Energy Outlook, published 11 October, pegs August 2023 output at 13.19mn b/d, almost 200,000 b/d above the previous record, with September higher still at 13.23mn b/d. July’s 12.99mn b/d was just a fraction below the previous record.
*As such average 3Q 2023 output of 13.13mn b/d was 200,000 b/d above the previous quarterly high of 12.93mn b/d set in Q4 2019. Output for 2023 as a whole is set to come in at 12.92mn b/d based on the latest EIA forecasts for the final months of the year. This represents a gain of just over 1mn b/d on 2022 and more than 600,000 b/d above 2019’s previous annual record of 12.31mn b/d (see charts, and table for full data). (CONTINUED - 944 WORDS)
