US crude oil production hit record level in June

Crude oil and natural gas production hit a new record in June with the highest production ever in the U.S.

Production of crude topped 10.7 million barrels per day with production of natural gas hitting 4 million barrels per day, according to an analysis released by the American Petroleum Institute (API) Thursday.

API praised the major energy milestone as a sign of the country’s “energy renaissance.”

“U.S. oil production has supplied all of the growth in global oil demand so far this year and helped compensate for production losses in some OPEC nations,” the group said. “With continued increases in drilling activity, the U.S. is poised for further production increases in natural gas and oil.”

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The analysis also found that petroleum demand with the U.S. is at its strongest since 2007.

The news comes as the United States aims to position itself as an international oil and gas provider. President Trump last week heavily promoted U.S. oil and natural gas exports during his NATO meetings in Brussels, strongly criticizing a planned Russia-Germany natural gas pipeline. 

API warned though that recent tariffs placed on steel and iron imports could harm the oil and gas industry’s success.

“For the energy renaissance to continue, the U.S. natural gas and oil industry critically needs policies that advance energy infrastructure around the country as well as the access of U.S. energy to global markets,” API said in its statement.