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US Crude Output Near 13m b/d in July: EIA

OIL

US Crude Production reached its second highest ever level in July, driven by a record high output from Texas’ Permian Basin.

  • Production soared to 12.991m b/d in July, the highest level since the 13m b/d level seen in November 2019, according to EIA data.
  • In Texas, production was a record 5.63m b/d, Bloomberg said.
  • Additional US production has helped to somewhat support supply after both Saudi Arabia and Russia extended their voluntary export cuts until the end of the year.
  • Despite the high output levels, the US also encountering low stock levels domestically, with Cushing stocks sat at their lowest level since July 2022 at 21.96m bbl.


Source: Bloomberg

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