American crude producers last week held output at the high point for the year. Demand for petroleum products was flat from the prior week amid soaring prices, the U.S. Energy Information Administration (EIA) said Wednesday, but consumption is expected to mount this summer.

U.S. oil production totaled 11.9 million b/d for the week ended May 20, on par with the prior week and the 2022 peak, according to EIA’s latest Weekly Petroleum Status Report.

Output remains more than 1 million b/d below the pre-pandemic highs of early 2020 as producers try to strike a balance between investments in renewable energy and demand for more oil. With crude prices this spring consistently hanging above $100/bbl, however, more producers are increasingly active, with output up 900,000 b/d from a...