American crude production rebounded last week, returning to its 2022 peak level just as President Biden visited Saudi Arabia to urge the Kingdom to ramp up Middle East output.

After reaching a 2022 high of 12.1 million b/d in June, U.S. output fell to 11.9 million b/d for the period ended July 15. That marked the second straight weekly drop of 100,000 b/d.

But producers ramped back up during the week ended July 22, boosting output by 200,000 b/d week/week to average 12.1 million b/d, the U.S. Energy Information Administration (EIA) said Wednesday in its Weekly Petroleum Status Report.

Total petroleum demand, meanwhile, declined 5% week/week after jumping 12% the prior week. Consumption has proven choppy this summer amid volatile fuel prices. But, overall, demand is up on the...