U.S. Oil Production Hits Historic High in October
The United States has achieved a historic milestone in oil production, reaching an unprecedented level in October, as reported by the U.S. Energy Information Administration.
Production rose by 31 thousand barrels per day, totaling 13.87 million barrels per day, highlighting the ongoing recovery and expansion of the U.S. oil industry.
New Mexico, now the second-largest oil producer in the nation, experienced a notable increase in output, climbing by 31 thousand barrels per day to a record 2.38 million barrels per day.
The federal offshore Gulf region also reported substantial growth, with production increasing by 46 thousand barrels per day to reach two million barrels per day, the highest level since August 2019.
Conversely, Texas saw a slight reduction in production, decreasing by 45 thousand barrels per day to 5.8 million barrels per day, according to "Reuters".
This surge in U.S. oil production reflects ongoing shifts in global oil markets and occurs amid significant changes in oil inventories and price dynamics influenced by varying demand factors.
