World’s crude oil output hits 100 million barrel mark

Oklahoma played a small role, but it still was part of the world’s oil output hitting the 100 million barrel a day mark.

The International energy Agency says global supply rose to 100.3 million barrels a day in the third quarter. The output included crude oil, natural gas liquids, biofuels and refinery processing gains.

The 100.3 million mark is 2.3 million barrels more than one year ago and at least 1.3 million barrels a day more than the second quarter.

What is interesting to some industry observers is that the new quarterly output record comes as sales are increasing of new energy vehicles and renewable power generation.

 The output increase from the second quarter was led by OPEC, which boosted production by 500,000 barrels a day, and the Americas, which saw a rise of 400,000 barrels a day. Biofuel production also increased by 300,000 barrels a day from the previous quarter, according to the report.