Free Industrial News

Supply-side Crude Oil Void Won't Be Easy to Fill

Supply-side Crude Oil Void Won't Be Easy to Fill

oil_gas_production

Industry Segment: Production | Word Count: 754 Words

June 22, 2022--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--With lingering supply-side issues supporting commodity prices, a key driver of inflation, the U.S. government sees little relief coming from the Gulf of Mexico.

The Gulf of Mexico accounts for slightly less than 10% of total U.S. crude oil production. That 10%, however, works out to be an average of 1.8 million barrels per day (BBL/d).

By way of comparison, of the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), only five of them can feasibly produce more than that.

Subscribe Now!(All Fields Required)

Standard Membership - Free