U.S. crude oil production rose 167,000 barrels per day (bbl/d) in October to 9.64 million bbl/d, data from the U.S. Energy Information Administration said on Dec. 29, the highest monthly level in more than 46 years.
September's oil production figures were revised down by 11,000 bbl/d to 9.47 MMbbl/d the EIA said in its monthly production report. If October's production number is not revised next month, it would be the highest monthly figure since May 1971.
In North Dakota, oil output rose by 83,000 bbl/d in October, while it jumped 206,000 bbl/d in Texas. Offshore in the U.S. Gulf of Mexico, production declined by 200,000 bbl/d.
Meanwhile, crude exports rose to 1.73 million bpd in October compared with 1.47 MMbbl/d in September.
Total refined oil product exports rose to 3.6 MMbbl/d in October, with gasoline exports rising to 732,000 bpd and distillate fuel exports rising to 1.5 MMbbl/d.
Oil demand for the month rose compared with a year ago, edging up 0.8% or 156,000 bbl/d to 19.8 MMbbl/d.
Of that, gasoline demand rose 2.8% or 254,000 bbl/d to 9.3 MMbbl/d compared with last year. Distillate demand slipped 0.5% or 20,000 bbl/d to nearly 4 MMbbl/d.
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