U.S. Oil Output Hits Record High in August

The United States set a new crude oil production record in August 2024, averaging 13.4 million barrels per day (bpd), according to the Energy Information Administration (EIA). This figure eclipsed the previous peak of 13.3 million bpd in December 2023 and solidified the U.S.'s position as the world’s top oil producer—a title it has held since 2018. Through the first eight months of 2024, monthly production only dipped below 13 million bpd once, reflecting a consistent upward trend. According to the EIA, the United States’ average...