US liquids output leapt by 1.56mn b/d to an annual record of 19.37mn b/d for 2023, with crude output rising by 1.03mn b/d to a record 12.93mn b/d and NGLs up 530,000 b/d at 6.43mn b/d, also a record (see chart 1 & table).
US Output Leaps 1.5mn b/d For 2023, Topping 20mn b/d For The First Time In Q4. Is Peak Output Near?
The US smashed a whole series of hydrocarbons records for 2023. Output and exports of oil, gas and NGLs all set new highs. This year is set to see further gains on an annual average basis. But, with the EIA projecting 2024 oil output below 4Q 2023 levels followed by only modest gains for 2025, it remains to be seen if production will substantially top the monthly records of 13.3mn b/d for crude and 20.0mn b/d including NGLs set in late 2023.
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Tables
USA Key Oil & Gas Data: Output & Exports Surge To Records For 2023
Charts
1: US Liquids* Output Surged 1.56mn b/d To A Record 19.4mn b/d For 2023 As Both NGLs And Permian Output Leapt 500,000 b/d To New Records. But Gains Are Set To Be More Muted For 2024 (mn b/d)
2: Having Hit 20mn b/d For The First Time In Sep 2023 And A Record 20.07mn b/d For November, The EIA Forecasts Output Will Stay Below This Level For The Whole Of 2024
3: US NGLs Output Hit A Record 6.43mn b/d For 2023 With The Lightest Fraction, Ethane, Accounting For A Record 41% Share (‘000 b/d)
4: The US Exported Record Volumes Of Crude, NGLs And LNG For 2023 As Overall Liquids Exports Topped 10mn b/d For The First Time (mn b/d)
5: US Net Oil Trade (mn b/d): Whilst The Us Remains A Major Crude Importer, Net Liquids Exports Hit A Record 1.6mn b/d For 2023
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