U.S. Oil Production Hits Record High in October

On January 1st, the U.S. Energy Information Administration (EIA) reported that due to demand soaring to its highest level since the pandemic, U.S. oil production in October increased by 260,000 barrels per day month-on-month, reaching a record 13.46 million barrels per day. According to Reuters calculations, U.S. oil production in October rose by 2.3% year-on-year. The EIA data shows that the previous monthly record for U.S. oil production was 13.36 million barrels per day in August. The supply of U.S. crude oil and petroleum products (the way the EIA measures demand) increased by about 700,000 barrels per day in October, reaching 21.01 million barrels per day, the highest since August 2019. The demand for distillate fuels (including diesel and heating oil) increased by 347,000 barrels per day in October, reaching 4.06 million barrels per day, the highest in a year.