American oil producers held the line on output last week, while demand climbed and global supply worries intensified.

The U.S. Energy Information Administration (EIA) said Thursday output was flat at 11.9 million b/d for the week ended June 3. It marked the fourth straight week in which production was held at that level. While that steady pace marks a high point for the year, it remains more than 1.0 million b/d below the pre-pandemic peak.

U.S. and global producers have boosted production as demand climbs in the wake of the pandemic’s worst fallout. But they have done so methodically, leaving supply/demand imbalances. Global demand gathered momentum this year along with economic activity that had previously been tamed by coronavirus outbreaks.

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