Commodities
Record US Oil Output in August Beat Earlier Estimates, EIA Says
Oil pumpjacks near Crane, Texas.
Photographer: Justin Hamel/BloombergUS oil production climbed to a fresh record near 13.8 million barrels a day in August, according to a monthly government report. The number was higher than official figures previously indicated.
Output in August was about 300,000 barrels a day higher than the Energy Information Administration’s weekly estimates, indicating that production had remained steady even as prices declined. It marks the third straight monthly record.