U.S. Energy Information Administration said the nation’s crude oil production rebounded in January to an average of 12.462 million barrels per day – highest since March 2020 (during the pandemic). Production of crude oil in U.S. fell to a low of 9.713 million b/d in May 2020 (during the pandemic) before recovering to 11.369 million b/d to start 2022 and 12.115 million b/d by yearend 2022.
While U.S. oil production is slowly rising, OilPrice.com said global oil production fell in January by 365,000 b/d. Decreases in production in Bahrain, Canada, Iraq and Russia contributed to the global decline.