US Crude Output Dips Amid Record Exports
US crude oil production dipped by about 2% in May compared to April's record level, according to data from the US Energy Information Administration. Meanwhile, exports of crude oil reached a new high for the second consecutive month at 5.73 million barrels per day (bpd). This surge in exports is attributed to the global supply shortfall created by disruptions to vessel movements through the Strait of Hormuz.
The Iran war has led US oil companies to take advantage of higher prices and increased demand for their products. However, despite the rise in exports, total US demand for crude oil and petroleum products fell more than 3.5% in May to around 20.07 million bpd - its lowest level since March 2025.
US gross natural gas production also eased to 134.0 billion cubic feet per day (bcfd) in May from April's record of 135.3 bcfd and December's peak of 136.0 bcfd. Output in top gas-producing states declined, with Texas seeing a 0.8% drop to 38.5 bcfd, while Pennsylvania saw a 0.9% rise to 21.2 bcfd.