Record-Breaking US Crude Production Surges to 13 Million Barrels

U.S. crude oil production reached a record high in August, surpassing pre-pandemic levels, with field production reaching 404.6 million barrels, averaging 13.05 million barrels per day. The largest increase in production was seen in PADD 4, while Texas, home to the Permian Basin, also experienced a slight increase. Despite the record-breaking production, crude oil inventories in the U.S. remain close to where they started the year. The number of active drilling rigs in the U.S. is still 350 fewer than pre-pandemic levels.