According to the U.S. Energy Information Administration (EIA), U.S. oil production increased by 1.5% in August, reaching a record high of 13.4 million barrels per day (bpd). Here are the key highlights:
Record Production: The August output surpassed the previous record of 13.31 million bpd set in December 2023.
State Contributions:
Texas: Oil production rose by 1.7% to a record 5.82 million bpd, exceeding June’s previous high of 5.76 million bpd.
New Mexico: Output increased by 2.8% to a record 2.09 million bpd, surpassing July’s record of 2.04 million bpd.
Natural Gas Production: Gross natural gas production in the U.S. Lower 48 states decreased by about 0.6% in August, totaling 115.9 billion cubic feet per day (bcfd), down from a monthly record of 118.2 bcfd in December 2023.
Top Gas-Producing States:
Texas: Monthly output rose 1.2% to a record high of 36.1 bcfd.
Pennsylvania: Production fell 4.4% to a three-month low of 20.0 bcfd.
Demand Trends: U.S. crude and petroleum products supplied rose to 20.7 million bpd in August, the highest since May. However, demand for finished motor gasoline dropped to 9.3 million bpd, the lowest since June, while demand for distillate fuel oil climbed to 3.9 million bpd, the highest since February.