Blitz Bureau
NEW DELHI: US field production of crude oil rose to a record high for a second week in a row last week, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on November 5.
EIA said output reached 13.651 million barrels per day (bpd) during the week ended October 31, topping the prior all-time high of 13.644 million bpd during the week ended October 24.
The agency also said gasoline stockpiles in the U.S. Midwest region fell to a record of 42.536 million barrels during the week ended October 31, according to EIA data going back to 1990. That was below the prior all-time low of 42.550 million barrels in September 2022.
The EIA expects global production of crude oil and petroleum products to increase through 2026, leading to continued growth in international inventories. The agency projects this inventory growth will put downward pressure on global oil prices.
