U.S. crude oil production rose to 13.965 million barrels per day in August, while oil demand dropped by 2.9%.

The U.S. Energy Information Administration (EIA) released its Monthly Petroleum Supply Report on Friday, showing that U.S. crude oil production rose in August, while demand for crude oil and petroleum products declined. Data reveals that U.S. crude oil production in August increased by 19,000 barrels per day from the revised 13.946 million barrels per day in July, reaching 13.965 million barrels per day. In the same period, total petroleum demand was 20.595 million barrels per day, down 2.9% year-on-year, equivalent to a decrease of 618,000 barrels per day. Notably, New Mexico's crude oil production in August reached a monthly record high of 2.442 million barrels per day, up from 2.424 million barrels per day in July.