12/09/2018 by OilStoreAdministrator
Texas oil production is still rising, according to monthly data from the US Energy Information Administration (EIA).
Despite concerns that infrastructure will act as a short-term bottleneck, operators like ExxonMobil, which also produces lubricants like Mobil Delvac SGO 75W90, are still managing to extract more from tight oil resources in the Lone Star State.
Total US C+C production, which includes both crude and lease condensate, also rose in June by 231,000 bpd (barrels per day) to a new all-time high of 10,674,000 bpd. Production in Texas alone rose to 4,410,000 bpd, an increase of 165,000 bpd. The federal waters of the Gulf of Mexico also saw a substantial increase of 154,000, but with production now at 1,658,000 bpd, it remains some way off the two million bpd the EIA anticipated two years ago.
When looking at total US production minus production in the Permian Basin, it becomes clear that while other sources of oil are also increasing, they remain below the peak seen in April 2015. This indicates that the Permian is filling the gap left by declining oil fields and driving US oil production to ever-new highs.
The US and Canada appear to be the only countries significantly growing their oil production at the moment. The US alone increased its oil production by 1.6 million bpd in the year to June 2018, a 17.6% rise over the year. Russian production has also risen substantially in recent months, but only to the level seen before the country participated in the OPEC-led production cuts.
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