EIA: US Oil Production Rose 105,000 Bpd In November

Reuters

NEW YORK, Jan 31 (Reuters) - U.S. crude output rose for the second consecutive month in November, according to a U.S. government report released Tuesday.

Evidence of the growth in U.S. production comes as the oil market is weighing whether output cuts from major producing nations will be enough to reduce a supply glut that has weighed on global markets for more than two years.

U.S. crude output rose 105,000 barrels per day in November to 8.904 million bpd from a revised 8.799 million bpd in October, the U.S. Energy Information Administration said in a monthly report.

Oil production in the U.S. Gulf of Mexico rose 90,000 bpd in the month, and output in Texas climbed by 20,000 bpd, according to the report. North Dakota production fell by 7,000 barrels a day.

While the government data is from November, weekly rig reports from driller Baker Hughes suggest that U.S. crude output has continued rise since then. The number of active oil rigs has climbed for 12 of the past 13 weeks.

On Tuesday, a Reuters survey showed that for this month, OPEC oil output is set to fall by more than 1 million barrels per day (bpd).

(Reporting By Jessica Resnick-Ault; Editing by David Gregorio)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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