U.S. Oil Production Holds Steady Even As Near-Term Demand Slips Further

Domestic crude production matched the pandemic-era peak, while demand last week declined and extended a trend early in 2023.

The U.S. Energy Information Administration (EIA) said Wednesday output for the period ended Jan. 20 clocked in at 12.2 million b/d – matching the high mark of the past two years and on par with the two prior weeks of this year. It was up 100,000 b/d from late 2022, data from EIA’s latest Weekly Petroleum Status Report showed. The latest reading also eclipsed the year-earlier level of 11.6 million b/d.

Strong oil production has helped fuel robust levels of associated natural gas output. Total gas production has hovered above 100 Bcf/d this year, close to record levels.

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Related topics: Crude Oil Eia Permian Basin Recession Steo supply/demand weekly petroleum status report World Economic Forum

Kevin Dobbs

@KNatgas

email kevin.dobbs@naturalgasintel.com