US Oil Production Continues To Rise
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Crude production surpassed another milestone last week, reaching almost 9 million barrels per day (bpd), according to the Energy Information Administration, the numbers section of the Department of Energy.
The EIA’s monthly data shows production at 8.97 million bpd, the highest since 1986.
In Texas, crude oil production surpassed 3 million bpd, and the Texas Petro Index set another record last month.
US crude production continues to grow, U.S. inventories climbed by 2.06 million barrels to 379.7 million barrels last week, according to the EIA report.
Crude imports dropped 5% last week to 7.1 million bpd, down 4.8% from a year ago.
The surge in production has helped push oil prices down 20% this year.
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