Crude oil production in the US reached a new all-time high in October, highlighting the growing impact the country's production has on global markets.
According to the American Petroleum Institute's Monthly Statistical Report, domestic production in October hit 12.6 million barrel per day. The record production was met with solid US petroleum demand and exports along with lower oil prices in October.
Total US petroleum demand of 21.2 mb/d was the highest on record for the month for October, and US petroleum exports remained steady, above 8 mb/d despite global challenges.
API chief economist Dean Foreman says: 'Across the board, the October results were a great reflection of how market forces have benefited consumers.
'Decreased oil prices in October – despite record demand for the month and solid exports – underscored the influence of US oil production on global markets and helped insulate consumers from external shocks. This also demonstrates the tremendous value of infrastructure, as the breakout oil production was largely enabled by increased pipeline egress from the Permian Basin, improving deliverability to key Gulf Coast refining and export markets.'