A new record of crude oil production
in the U.S. led to growing stockpiles and a dip in oil prices on Wednesday. Production peaked at 12.3 million barrels per day, according to the Energy Information Administration. Stockpiles were at 470.6 barrels, the highest since September 2017.
Looking at global crude oil production, it becomes apparent that North America has been driving the global increase in extraction. While the Middle East remains the biggest producer by a large margin, the U.S. has been growing its production significantly since 2011. Most of the oil is extracted from shale by a controversial method known as fracking.
Only one more region, the former Soviet Republics, increased its production, according to analyst Enerdata.
The main users of oil around the world are United States and China, which together use about one third of the world’s supply. The biggest growth in oil demand can also be witnessed in the U.S and China as well as in India.