US Oil Production Hits Record High in October
Oil production in the United States reached a historic high in October, according to the U.S. Department of Energy.
The output increased by 31 thousand barrels per day, reaching 13.87 million barrels per day, reflecting ongoing recovery and growth in the U.S. oil sector.
New Mexico, the second-largest oil producer in the country, saw its production rise by 31 thousand barrels per day to 2.38 million barrels per day, marking a new record.
Additionally, there was a notable increase in production in the Gulf of Mexico, which rose by 46 thousand barrels per day to 2 million barrels per day, the highest level since August 2019.
In contrast, Texas experienced a slight decrease in production, falling by 45 thousand barrels per day to 5.8 million barrels per day, as reported by Reuters.
This record surge in U.S. production reflects fluctuations in global oil markets and comes at a time when oil inventories are undergoing significant changes, with oil prices defying expectations due to varying demand scenarios.
