Texas Oil Output Drops

Crude oil production in Texas dropped month on month and year on year in July, according to the latest preliminary statewide production figures from the Texas Railroad Commission (RRC).

The preliminary reported total volume of crude oil in Texas during July was 104.05 million barrels, according to the RRC, which highlighted that this equated to 3.35 million barrels per day on average. June 2022’s Texas preliminary reported total crude oil volume was 107.08 million barrels, or 3.56 million barrels per day on average, the RRC highlighted.

The preliminary reported total volume of crude oil in Texas in July 2021 was 109.11 million barrels, or 3.51 million barrels per day on average, the RRC outlined. This later changed to an updated reported total volume of 125.80 million barrels, or 4.05 million barrels per day on average, the RRC revealed.

In July 2022, the top five crude oil producing counties in Texas, ranked by preliminary production figures, were as follows:

1. Midland (15.80 million barrels)
2. Martin (12.08 million barrels)
3. Howard (7.86 million barrels)
4. Karnes (7.54 million barrels)
5. Loving (5.81 million barrels)

In its latest Short Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) revealed that it expects total U.S. crude oil production to average 12.4 million barrels per day in 2023, which the organization highlighted is down from a forecast of 12.6 million barrels per day last month.

“Lower crude oil production in the forecast reflects lower crude oil prices in 4Q22 than we previously expected,” the EIA stated in the STEO, which was released earlier this month.

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