Crude oil production in the U.S. reached a new record high of 12.6 million barrels per day (bpd) for the week ending Oct. 4, according to data released by the Energy Information Administration (EIA) on Wednesday.
The last time the U.S.' crude oil production reached a record high level was seen for the week ending Aug. 23 when output reached 12.5 million bpd, the EIA data showed.
The world's biggest crude oil producer, excluding Alaska, saw its output increase by 200,000 bpd from approximately 12.4 million bpd over the previous week.
The EIA lowered oil price forecasts for 2020 by $2 per barrel based on expectations that global oil inventories would increase next year, according to its Short-Term Energy Outlook (STEO) report for October.
The U.S.' commercial crude oil inventories rose by 2.9 million barrels, or 2.7%, to 425.6 million barrels for the week ending Oct. 4. This increase was much higher than the market expectation of a decline of 1.4 million barrels. Crude inventories increased by 3.1 million barrels over the previous week, the EIA's data shows.
Strategic petroleum reserves, which are not included in the commercial crude stocks, decreased by 0.2 million barrels to 644.6 million barrels last week, according to the data.
Gasoline inventories fell by 1.2 million barrels, or 0.5%, to 228.8 million barrels during that period, more than the market expectation of a decline of 0.25 million barrels. The previous week saw gasoline inventories increase by 0.2 million barrels.
By Gulsen Cagatay