The Energy Information Administration (EIA) has announced that US field production of crude oil reached a new monthly record in August, with an output of 13.05 million barrels per day (bbl/d), representing a 0.7% increase from the previous month.
Over the past three years, the production of crude oil in the United States has been slowly recovering compared to previous periods of growth, as many companies used record profits to increase dividends and buybacks rather than spending to rapidly increase drilling and production.
Texas, the leading oil-producing state in the US, experienced a 0.5% increase in output in August, reaching a monthly record of 5.63 million bbl/d, according to the EIA data.
Other states also saw notable increases in production, with New Mexico reaching nearly 1.80 million bbl/d and North Dakota reaching 1.22 million bbl/d.
Additionally, gross natural gas production in the US lower 48 states rose by 1.2 billion cubic feet per day (bcf/d) to a record 116.3 bcf/d in August, compared to 115.0 bcf/d in July, as reported by the EIA’s monthly 914 production report. This surpassed the previous all-time high of 115.2 bcf/d, which was set in May.
Among the top gas-producing states, Texas saw a 0.9% increase in monthly output in August, reaching a new record of 34.4 bcf/d. Pennsylvania also experienced a 0.5% increase, reaching 20.9 bcf/d.
That topped the prior all-time high of 34.1 bcf/d in Texas in July and compares with a record 21.9 bcf/d in Pennsylvania in December 2021.
In demand, US product supplies of crude and petroleum products rose in August to 20.88 million bbl/d, the highest since August 2019, EIA data showed.
Furthermore, demand for motor gasoline rose to nearly 9.3 million bbl/d, the highest since June 2021.