US Crude Oil Production Reaches Record High in December; Canada's Budget Deficit Narrows

U.S. crude oil production reached a record high of 13.491 million barrels per day in December, according to the U.S. Energy Information Administration. This is up from 13.314 million bpd in November and surpasses the previous high of 13.436 million bpd in October. Canada's budget deficit saw a slight decrease to C$21.72 billion ($15.05 billion) for the first nine months of the 2024/25 fiscal year. This reduction is attributed to government revenues increasing at a faster rate than expenditures, according to the finance ministry. The deficit for the same period the previous year was C$23.61 billion.