US Crude Oil Production Records High In March

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U.S. crude oil production rose 241.000 barrels per day (bbl d). or 2.1%. in March to 11.905 million bbl d. just below its record high. the Energy Information Administration (EIA) said May 31 in its monthly production report.

That monthly increase in U.S. production from a revised 11.664 million bbl d in February followed two months of declines in January and February. U.S. monthly output peaked at 11.966 million bbl d in December.

U.S. monthly output peaked at 11.966 million bbl d in December.

Most of the increase came from the federal offshore Gulf of Mexico (GoM). which rose 11.1% to 1.907 million bbl d. and North Dakota. which gained 3.2% to 1.352 million bbl d.

Output in Texas. the biggest oil-producing state. meanwhile. eased 0.1% to 4.873 million bbl d.

Total U.S. oil demand fell by 1.8%. or 369.000 bbl d. to 20.204 million bbl d in March vs. last year. as consumer appetite for gasoline and diesel softened. the EIA data showed.

Gasoline demand in March dropped by 2.9%. or 272.000 bbl d. year-on-year to 9.17 million bbl d. while distillate demand fell 0.3%. or 14.000 bbl d. to 4.15 million bbl d vs. last year. the EIA said.

Meanwhile. monthly gross natural gas production in the Lower 48 U.S. states rose to a fresh record high 99.3 billion cubic feet per day (Bcf d) in March from the prior high of 99.1 Bcf d in February. according to the report.

Those gains were driven by an 8.7% rise in the GoM to 2.9 Bcf d and a 7.2% increase in North Dakota to a record high 2.8 Bcf d.

In Texas. also the biggest gas producing state. output declined 0.9% to 26.4 Bcf d from a monthly record high 26.6 Bcf d in February.

In Pennsylvania. the second-biggest gas-producing state. output rose 0.7% to a record high 18.8 Bcf d.