U.S. Oil Production Reaches All-Time High in October
U.S. oil production saw a significant rise in October, reaching a historic high, as reported by the U.S. Energy Information Administration.
The output increased by 31 thousand barrels per day, totaling 13.87 million barrels per day, reflecting ongoing recovery and growth in the American oil sector.
New Mexico, the second-largest oil producer in the nation, gained attention with an increase of 31 thousand barrels per day, bringing its production to 2.38 million barrels per day, a new record.
The federal Gulf region also experienced a notable rise, with production increasing by 46 thousand barrels per day to reach two million barrels per day, the highest level since August 2019.
Conversely, Texas reported a slight decrease in production, falling by 45 thousand barrels per day to 5.8 million barrels per day, according to a report from Reuters.
This record increase in U.S. production reflects the fluctuations in global oil markets and comes at a time when oil inventories are undergoing significant changes, with prices remaining resilient due to various demand factors.
