EIA data show that US oil production reached a record high in October.

The U.S. Energy Information Administration reported on Tuesday that U.S. crude oil production increased by 260,000 barrels a day (bpd), month over month, to a new record of 13.46 million bpd during October. Demand surged to its highest level since the pandemic.

U.S. crude oil production has increased rapidly this year despite concerns about oversupply, which have led to a drop in prices, particularly for China, the world's largest oil importer.

Calculations show that U.S. oil output rose by 2.3% year-over-year in October, but West Texas Intermediate (WTI), crude futures prices fell by an average of 16% during the month. WTI and Brent crude, the global benchmark, are both on course to suffer their second consecutive annual decline in 2024.

EIA data revealed that the previous monthly record for U.S. crude oil production was 13,36 million bpd, in August.

The data revealed that the U.S. crude oil and petroleum product supply, as measured by EIA, increased by 700,000 barrels per day (bpd) to 21,01 million bpd, the highest level since August 2019.

The demand for distillate fuel oils, including diesel and heating oil rose by 347,000 barrels per day to 4,06 million barrels per day in October. This was the highest level in over a year. (Reporting from Shariq Khan, New York; editing by Chizu Nomiyama.)

(source: Reuters)