US Crude Oil Output Hit Record High in March, While Demand Fell

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U.S. crude oil output rose to a monthly record high in March, while demand for oil products declined to the lowest in a year, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday.

U.S. crude oil output rose to 13.49 million barrels per day in March, up from 13.16 million bpd in February and the prior all-time high of 13.45 million bpd in October 2024.

Crude oil production in Texas, the nation’s top oil-producing state, rose 50,000 bpd from February to 5.71 million bpd in March, the highest since November 2024, EIA data showed.

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Production in New Mexico, the second-largest oil-producing state, rose to a record high of 2.26 million bpd, surpassing the prior high mark of 2.12 million barrels in February.

Meanwhile, U.S. product supplied of crude oil and petroleum products, a measure of demand, fell to a 12-month low of 19.95 million bpd in March, down from 20.23 million bpd in February.

That was the lowest demand since March 2024. The monthly record high of 21.67 million bpd was hit in August of 2005.

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Gross natural gas production in the U.S. lower 48 states rose to a record 120.3 billion cubic feet per day in March, up from 117.4 bcfd in February, according to the agency’s 914 production report.

That compares with the prior monthly all-time high of 118.3 bcfd in December 2024.

In top gas-producing states, monthly output in March rose by 0.4% to a record 36.6 bcfd in Texas, and by 0.6% to 21.2 bcfd in Pennsylvania, the EIA said.

That compares with prior monthly all-time highs of 36.5 bcfd in December 2024 in Texas and 21.9 bcfd in December 2021 in Pennsylvania.

(Reporting by Scott DiSavino and Shariq Khan in New York; Editing by Bill Berkrot)