U.S. Crude Oil Production Hits Record 13.46 Million BPD in October, Demand Highest Since 2019

Jan 2, 2025, 02:27 PM

U.S. crude oil production reached a record high of 13.46 million barrels per day (bpd) in October, according to data from the Energy Information Administration (EIA). This increase of 260,000 bpd from the previous month marks the highest production level since the onset of the global health crisis. Concurrently, total U.S. crude oil and petroleum demand rose to a record high of 21.01 million bpd in October, the highest since August 2019. Texas, a key contributor to this surge, saw its oil production climb to a record 5.86 million bpd, while its natural gas production also hit a new high of 36.49 billion cubic feet per day. The EIA also reported that U.S. crude oil inventories fell by 1.178 million barrels last week, against expectations of a larger decrease, while gasoline and distillate inventories rose significantly by 7.717 million and 6.406 million barrels, respectively.