EIA: US oil production rose to a monthly record level during ‎August

US Energy Information Administration said on Tuesday that domestic crude oil production in the United States rose to a new monthly record in August at 13.05 million barrels per day.

According to Reuters, the data showed a 0.7% increase in production in August compared to the previous month. The previous highest monthly level was in November 2019, when production reached 13 million barrels per day.

The monthly rise in US oil production is still below the weekly record level recorded in the week ending October 6 (EGX: OCDI), which reached 13.2 million barrels per day.

Production in the world’s largest oil producer has recovered at a slow pace over the past three years, as companies used record profits to increase dividends and buybacks rather than spending to quickly increase drilling and production.

In Texas, the largest oil-producing state in the United States, data showed that production in August rose 0.5 percent to a monthly record level of 5.63 million barrels per day.

In New Mexico (NYSE:NIO), production rose to about 1.80 million barrels per day, and in North Dakota to 1.22 million barrels per day.