And world's biggest crude oil producer 6 years in a row is...America

With a record-breaking average production of 12.9 million barrels per day (bpd), the United States has led the world in crude oil production for the sixth consecutive year, according to a release from the Energy Information Administration (EIA) Monday.

According to the agency, U.S. production of crude oil reached a new monthly record high of over 13.3 million bpd in December.

“The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row,” the Energy Information Administration stated.

According to the EIA, it is unlikely that another nation will break the record anytime soon.

Elsewhere, Saudi Arabia’s government in January ordered Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), one million bpd below a target announced in 2020.

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Global benchmark Brent fell on Monday, dipping below $82 a barrel, as persistent geopolitical concerns in the Middle East and Russia collide with jitters about softening demand in China.

Recently, OPEC+ members led by Saudi Arabia and Russia agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.

With inputs from Reuters