U.S. crude production was flat last week, as it has been throughout 2022, even as the Russia-Ukraine conflict drags on and global supply worries intensify.


Output for the week ended March 18 held at 11.6 million b/d, even with the prior week and a month earlier, the U.S. Energy Information Administration (EIA) said Wednesday.

American producers are at once under pressure to shift investments to renewable fuels and cautious about ramping up oil output amid the dueling uncertainties imposed by the lingering pandemic and Russia’s invasion of its eastern European neighbor.

Domestic demand, meanwhile, is climbing alongside a growing U.S. economy. Overall petroleum consumption advanced 2% week/week and rose substantially from a year earlier, EIA’s latest Weekly Petroleum Status...