US crude oil output rises in June to highest since Feb 2020 -EIA - Reuters
US crude oil output rises in June to highest since Feb 2020 -EIA | Reuters
US crude oil output rises in June to highest since Feb 2020 -EIA
A pump jack operates in front of a drilling rig at sunset in an oilfield in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing Rights
NEW YORK, Aug 31 (Reuters) - U.S. field production of crude oil rose 1.6% in June to 12.844 million barrels per day, the highest since February 2020, before the coronavirus pandemic destroyed demand for fuel and other oil products, the Energy Information Administration said on Thursday.
Production in Texas rose 1.1% to 5.518 million bpd, its highest on record dating back to 2005. In North Dakota, production also rose, gaining by 3.3% to 1.155 million bpd, the highest since December 2020.
In New Mexico, however, crude output fell by 2.1% to 1.764 million bpd, the lowest since November 2020, the EIA said.
Gross natural gas production in the U.S. Lower 48 states fell 0.1 billion cubic feet per day (bcfd) to 114.9 bcfd in June from a record 115.0 bcfd in May, according to the EIA's monthly 914 production report.
In top gas-producing states, monthly output in June rose 0.4 bcfd in Texas to a record 33.9 bcfd and rose 0.1 bcfd in Pennsylvania to a 17-month high of 20.9 bcfd.
That topped the prior all-time high of 33.8 bcfd in Texas in May and compares with a record 21.8 bcfd in Pennsylvania in December 2021.
A proxy for demand, U.S. product supplied of crude and petroleum products rose in June to 20.716 million bpd, the highest since November 2019, the EIA said in a separate report on Thursday.
Product supplied of finished motor gasoline rose to 9.279 million bpd, the highest since July 2021.
Reporting by Stephanie Kelly, Shariq Khan and Scott DiSavino; Editing by David Gregorio and Marguerita Choy
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.