U.S. crude output soars 14.3% in March -EIA


News Wire — U.S. crude oil output jumped 14.3% to 11.2 million barrels per day (bpd) in March from 9.8 million bpd in February, the U.S. Energy Information Administration (EIA) said in its monthly 914 production report on Friday.

Output sank 1.3 million bpd in February when extreme weather froze natural gas and oil wells and cut power supplies to million of customers in Texas and other South Central U.S. states.

That 1.4 million bpd increase in March was the biggest monthly gain on record, according to EIA data going back to 2005.

Most of the increases were in the biggest producing states with Texas up 26.4% to an 11-month high of 4.7 million bpd and New Mexico up 17.6% to a record 1.2 million bpd.

In North Dakota, meanwhile, output gained just 1.4% to 1.0 million bpd.

Meanwhile, monthly gross natural gas production in the U.S. Lower 48 states jumped by a record 7.8 billion cubic feet per day (bcfd) in March to an 11-month high of 102.6 bcfd after falling by a record 8.1 bcfd in February to a 31-month low of 94.8 bcfd, EIA said.

Gross natural gas output peaked at 107.1 bcfd in December 2019.

In top gas producing states, output rose 18.5% in Texas to 27.8 bcfd in March and held steady in Pennsylvania near a record high of 21.2 bcfd.

*Reuters



This article was originally posted at sweetcrudereports.com

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