The US Energy Information Administration (EIA) reported on Friday that US crude oil production increased in August, while demand for crude oil and petroleum products declined. Crude oil output rose by 19,000 barrels per day to 13.965 million bpd, up from the revised July figure of 13.946 million bpd. Meanwhile, total oil demand dropped by 2.9% or 618,000 bpd compared to last year, reaching 20.595 million bpd.
New Mexico set a new monthly record for crude production in August, hitting 2.442 million bpd, up from 2.424 million bpd in July. The EIA also noted record highs in various natural gas and plant liquids production metrics. Gross gas withdrawals rose to 139.0 billion cubic feet per day (bcfd) in August, surpassing the previous record of 137.4 bcfd in July. Marketed gas production reached 127.4 bcfd, up from 125.6 bcfd in July, while gas plant liquids production hit 11.6 bcfd, topping the prior record of 11.5 bcfd in May.
Dry gas production also set a new monthly high at 115.8 bcfd in August, exceeding the previous record of 114.1 bcfd in July. In top gas-producing states, Texas saw a record output of 40.9 bcfd, and Pennsylvania reached a two-month high of 21.7 bcfd, just below its all-time high of 21.9 bcfd in December 2021.