TREE NEWS reports: US crude oil production rose by 19,000 barrels per day in August to 13.965 million bpd, up from a revised 13.946 million bpd in July, the Energy Information Administration said Friday in its monthly Petroleum Supply Monthly report. Total oil demand fell 2.9% year on year, or 618,000 bpd, to 20.595 million bpd. New Mexico set a monthly output record of 2.442 million bpd, up from 2.424 million bpd in July.
EIA: US August Crude Output Rises, Oil Demand Falls 2.9%
AI take
The divergence is the story: supply keeps grinding to fresh highs while demand contracts year on year, a combination that loosens the domestic balance regardless of price. New Mexico's record output shows the growth is concentrated in the Permian rather than broad-based, which matters for how quickly it can be sustained. Whether the demand decline reflects a one-month soft patch or a deeper trend is the open question, and it will shape how the next few EIA reports read.
Generated by AI for reference only.
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