EIA: US crude oil production hit a record high in March while demand fell

The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year.

The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13,45 million bpd, which was set in October 2024.

EIA data show that crude oil production in Texas, which is the top oil producing state in the United States, increased by 50,000 barrels per day (bpd) from February to 5,71 million bpd, the highest level since November 2024.

New Mexico's production, the state with the second largest oil output, has reached a new record of 2,26 million barrels per day, exceeding the previous high mark of 2,12 million barrels set in February.

In March, the U.S. crude oil and petroleum product supply, which is a measure for demand, dropped to a 12-month-low of 19,95 million bpd, from 20,23 million bpd.

This was the lowest demand level since March 2024. August 2005 was the month with the highest monthly demand of 21,67 million bpd.

According to the 914 report of the U.S. Energy Information Administration, gross natural gas production in lower 48 U.S. states reached a record 120.3 bcfd per day in march, up from the 117.4 billion cubic feet per days in February.

This compares to the previous monthly record of 118.3 billion cubic feet per day in December 2024.

The EIA reported that in the top-producing gas states, output rose 0.4% in March to a record of 36.6 bcfd, in Texas and 0.6% in Pennsylvania to 21.2bcfd.

This compares to previous monthly all-time peaks of 36.5 billion cubic feet per day in December 2024, in Texas, and 21.9 billion cubic feet per day in December 2021, in Pennsylvania. Reporting by Scott DiSavino in New York and Shariq KHan; editing by Bill Berkrot

(source: Reuters)