U.S. Oil Production Reaches Record High in August

(Reuters) – U.S. oil production rose 1.5% in August to a record high of 13.4 million barrels per day (bpd), according to the U.S. Energy Information Administration (EIA).

This figure surpassed the previous record of 13.31 million bpd set in December 2023.

In leading oil-producing states, Texas saw a production increase of 1.7% in August, reaching 5.82 million bpd, while New Mexico experienced a 2.8% rise to 2.09 million bpd.

For comparison, Texas's prior record was 5.76 million bpd in June, while New Mexico had previously reached 2.04 million bpd in July.

Meanwhile, gross natural gas production in the contiguous U.S. declined slightly by 0.6% in August to 115.9 billion cubic feet per day (bcfd), down from the record high of 118.2 bcfd in December 2023.

In top natural gas-producing states, Texas's output increased 1.2% to a record 36.1 bcfd in August, whereas Pennsylvania's output fell 4.4% to a three-month low of 20.0 bcfd.

This contrasts with previous record highs of 35.6 bcfd in July for Texas and 21.9 bcfd in December 2021 for Pennsylvania.

Furthermore, U.S. crude and petroleum product demand rose to 20.7 million bpd in August, marking the highest demand since May. In contrast, demand for finished motor gasoline decreased to 9.3 million bpd, its lowest since June, while demand for distillate fuel oil rose to 3.9 million bpd, the highest since February.