June Sees US Crude Oil Production and Demand Rise

According to the Energy Information Administration's Petroleum Supply Monthly report, US crude oil production reached a new high in June. The country produced 13.79 million barrels per day, up from 13.76 million barrels per day in May.

The demand for crude oil and petroleum products also increased, reaching 20.74 million barrels per day in June, compared to 20.07 million barrels per day in May. This is still below the monthly record of 21.67 million barrels per day set in August 2005.

Texas gas output rose by 1.3% in June to a new high of 39.2 billion cubic feet per day, while Pennsylvania's gas production declined by 1.0% to 21.1 billion cubic feet per day, below the state's record of 21.9 billion cubic feet per day set in December 2021.