US Gas Output Hits Record as Global Oil Supply Remains Under Pressure

The global supply of crude oil and liquefied natural gas (LNG) remains under pressure due to ongoing conflicts and refinery disruptions. The situation is particularly dire in Russia, where a diesel export ban has been extended through September after recent drone attacks slowed their operations.

Russian gasoline production has fallen to around 70% of domestic demand, according to the latest data from late August. In contrast, US natural gas output has hit a record high, with dry gas production reaching 112.33 Bcf/d in June, representing a 4.5% year-over-year increase.

The US is also seeing significant growth in its LNG exports, with total exports up 19.1% to 27.47 Bcf/d and June's monthly record high of 17.37 Bcf/d. However, QatarEnergy has halted approximately 29 cargoes, representing 3.8 billion cubic meters, due to a force majeure declaration pushed into early November for its supply to Edison in Italy.