Domestic oil production jumped back to the 2022 peak level as OPEC and its allies affirmed plans to slash production through the end of the year as fallout from Russia’s war in Ukraine and China’s pandemic woes continued to roil global markets.

The U.S. Energy Information Administration (EIA) said Wednesday output for the period ended Dec. 2 climbed 100,000 b/d week/week to 12.2 million b/d. That matched a 2022 high mark that exploration and production (E&P) companies first reached in the summer, data from EIA’s latest Weekly Petroleum Status Report showed. The latest reading also easily surpassed the year earlier level of 11.7 million b/d.

Domestic production, while still well below the 13.1 million b/d record level reached in early 2020 prior to widespread coronavirus...