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Record US Crude Oil Production Pressures WTI Oil Futures

Gordon Kristopher
Record US Crude Oil Production Pressures WTI Oil Futures

The EIA (U.S. Energy Information Administration) released its weekly US crude oil production data on May 31. The EIA reported that US crude oil production increased by 44,000 bpd (barrels per day) to a record high of 10,769,000 bpd on May 18–25. The production also increased by 1,427,000 bpd or ~15.3% from a year ago.