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US oil output jumps 538,000 b/d on month to 10.98 million b/d in July: EIA

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US oil output jumps 538,000 b/d on month to 10.98 million b/d in July: EIA


North Dakota retakes No. 2 spot from New Mexico

Offshore output increases 5% ahead of storm season

Platts Analytics sees 2021 output at 10.24 million b/d

Washington — US oil production increased to 10.98 million b/d in July, recovering 538,000 b/d from June, as drillers continued to restart wells shut during the spring oil price collapse, according to monthly Energy Information Administration data released Sept. 30.

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North Dakota regained its ranking as the No. 2 oil-producing state ahead of New Mexico, albeit just barely. North Dakota pumped 1.03 million b/d in July, jumping 18% month on month, while New Mexico pumped 988,000 b/d, up 4% from June.

Top oil-producer Texas saw its production increase 2% month on month to 4.74 million b/d.

Offshore oil production in the Gulf of Mexico increased 5% month on month to 1.65 million b/d in July, ahead of a series of tropical storm disruptions in August and September.

S&P Global Platts Analytics expects US oil production to decline about 860,000 b/d year on year in 2020 to average 11.38 million b/d. It sees 2021 output falling another 1.14 million b/d to 10.24 million b/d as a result of the massive capital spending cuts drillers made during this spring's oil price crash.

The November election could change that outlook, given Democratic nominee Joe Biden's pledge to restrict at least some drilling on federal lands and waters.

Such a policy would put up to 2 million b/d of oil production at risk by 2025 under a total ban on federal drilling, but Platts Analytics now expects the reduction to be closer to 1 million b/d if activity is allowed to continue on existing permits and drilled-but-uncompleted wells.