U.S. oil production held steady last week, just shy of the pandemic-era high, even as demand slowed amid warnings of economic headwinds.

The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 11 was on par with the previous week at 12.1 million b/d. That kept production levels within 100,000 b/d of the 2022 high reached last summer, data from EIA’s latest Weekly Petroleum Status Report showed.

Overall consumption of petroleum products decreased 1% week/week. But it had climbed 4% the prior period, and demand held about 1% above year earlier levels, according to EIA.

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Global supply, meanwhile, trailed...