Domestic crude production climbed notably last week, putting output near the 2022 peak, as U.S. demand accelerated and global market conditions tightened.

The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 4 climbed by 200,000 b/d from the previous week to 12.1 million b/d. That brought production close to the pandemic-era high of 12.2 million b/d reached over the summer, data from EIA’s latest Weekly Petroleum Status Report showed.

The increase came alongside a bump in demand, with overall consumption of petroleum products up 4% week/week. The EIA print followed President Biden’s comments last week that that energy majors are focused more on profits than aligning supply/demand – following multiple third-quarter earnings reports...