U.S. Oil Production Hits Record High in September, Alleviating Market Surplus Concerns
The U.S. Energy Information Administration (EIA) announced that the country's oil production reached a record high in September, a development that strengthens forecasts for global market stability and alleviates concerns about surplus supply.
Official data released on Friday indicated that "U.S. crude oil production increased by 44,000 barrels per day in September, reaching a record level of 13.84 million barrels per day." New Mexico, the second-largest oil-producing state, also set a record at "2.351 million barrels per day," while production in the Gulf of Mexico rose to "1.983 million barrels per day, the highest since February 2020."
Meanwhile, global oil markets exhibited mixed performance during Friday's trading, with a decline in global crude futures while U.S. counterparts saw an increase amid ongoing geopolitical tensions related to peace negotiations between Russia and Ukraine, as well as anticipation for the upcoming "OPEC+" meeting scheduled for Sunday.
January 2026 Brent futures, which expired on Friday, recorded "a decrease of 7 cents, or 0.11%, settling at $63.41 per barrel." In contrast, "West Texas Intermediate (WTI) crude was trading at $59.56 per barrel, up 91 cents, or 1.955%, from Wednesday's close." These fluctuations followed the resumption of WTI trading after a halt due to a system outage at the CME Group, caused by a cooling issue in the CyrusOne data centers.
Both crude types continue their decline for the fourth consecutive month, marking "the longest losing streak since 2023," as forecasts of increased global supply have pressured prices despite weekly gains exceeding 1%.
