India to surpass China as the top source of global oil consumption growth in 2024 and 2025
India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year, according to our December Short-Term Energy Outlook (STEO). China’s oil consumption grew by more than India’s in almost every year from 1998 through 2023, with China’s oil consumption regularly growing more than any other country during those years.
Improving well productivity helps U.S. oil companies increase production at a lower cost
Second-quarter 2024 financial results for 34 publicly traded U.S. oil exploration and production (E&P) companies suggest increasing well productivity is helping these companies reduce production costs on a per barrel basis and freeing up cash for other uses such as dividends and share repurchases.
Argentina’s crude oil and natural gas production near record highs
Crude oil and natural gas production in Argentina are both nearing record highs, driven by increasing output from the Vaca Muerta shale formation, which is offsetting declining output from conventional oil and natural gas fields. From January 2021 through September 2024, crude oil production in Argentina increased by 50%, and natural gas production rose by 27%, lifting output of both fuels near the records set in the early 2000s, according to data from the country's energy ministry, the Secretaría de Energía de la República Argentina (SESCO).
Argentina’s crude oil and natural gas production near record highs
Crude oil and natural gas production in Argentina are both nearing record highs, driven by increasing output from the Vaca Muerta shale formation, which is offsetting declining output from conventional oil and natural gas fields. From January 2021 through September 2024, crude oil production in Argentina increased by 50%, and natural gas production rose by 27%, lifting output of both fuels near the records set in the early 2000s, according to data from the country’s energy ministry, the Secretaría de Energía de la República Argentina (SESCO).
Monthly Crude Oil and Natural Gas Production
(Fri, 29 Nov 2024) These monthly production estimates are based on data from Form EIA-914, Monthly Crude Oil, Lease Condensate, and Natural Gas Production Report.
U.S. Movements of Crude Oil By Rail
(Fri, 29 Nov 2024) Monthly data on rail movements of crude oil have been updated for September 2024. Crude oil movements by rail have significantly increased during the past five years. The data on crude-by-rail (CBR) movements are also fully integrated with EIA’s existing monthly petroleum supply statistics, which already include crude oil movements by pipeline, tanker, and barge.
U.S. crude oil production established a new record in August 2024
An average of 13.4 million barrels per day (b/d) of crude oil was produced in the United States during August 2024, a new record according to data from our Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the previous monthly record of 13.3 million b/d was set.