NEW YORK, January 1, 2025 - U.S. oil production increased by 259,000 barrels per day (bpd) to reach a record 13.46 million bpd in October, according to data from the U.S. Energy Information Administration. This rise in production corresponds with a surge in demand, which is at its highest level since the onset of the pandemic.
Product supplied for crude oil and petroleum, a metric used by the EIA to gauge demand, also saw a significant increase, rising by 702,000 bpd to 21.01 million bpd in October. This figure represents the highest demand recorded since August 2019.