EIA reports that US crude oil production hit a new monthly record in July.
The Energy Information Administration reported on Tuesday that U.S. crude production reached a new monthly record of 13,64 million barrels of oil per day in the month July. This is up 109,000 barrels per days from June's previous record.
The EIA reported that the oil output of Texas, the top producer, rose to 5,8 million barrels per day (bpd) in July. This was the highest level since October 2024. New Mexico, the second largest producer, reached a record 2,28 million bpd.
The data also showed that the gross natural gas production of the Lower 48 States of the United States reached a record-high of 121.62 trillion cubic feet per day, exceeding the previous record set in June of 120.57 trillion cubic feet.
The EIA reported that in the top-producing gas states, Texas' monthly production in July increased by 1.4%, reaching a record high of 37.35 billion cubic feet per day (bcfd), while Pennsylvania saw a 2.2% drop to 21.04 Bcfd.
In July, oil demand fell from its multi-month peak in June. The data revealed that the product supplied, which is EIA’s proxy for demand for crude oil and petroleum-based products, fell 23,000 bpd from June to 20,98 million bpd.
EIA reported that the demand for motor gasoline finished fell by 112,000 bpd from one month to another, to 9.15 millions bpd. The demand for distillate fuels also dropped, falling 161,000 bpd. Reporting by Shariq KHan in New York, and Georgina McCartney at Houston. Editing by Matthew Lewis.
(source: Reuters)
