Registering at 10.03 million b/d, crude production in the lower 48 states topped 10 million b/d for the first time in the history of the Energy Information Administration reports. Growth in domestic crude production led crude stocks around the country to gain a total of 3.3 million bbl last week. While crude oil stocks now sit at 428.6 million bbl, it is still nearly 105 million bbl less than domestic crude storage levels at this time last year. Growing crude exports, alongside OPEC-led production cuts, have helped stocks decrease over the past year. The year-over-year decline in stocks may help push crude prices higher as it signals that supply is getting tighter as demand for crude and products created from it, including gasoline, continue to increase.
Record Breaking Crude Production Fuels Inventory Growth