Commodities
Texas Crude Output Sets Fresh Record as US Oil Demand Also Peaks
- Oil consumption surged to 20.8 million barrels per day in May
- Oil majors pump record volumes of crude in Permian Basin
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Crude output in Texas surged to a record in May just as US demand climbed to a fresh seasonal peak.
Texas production, which accounts for about 40% of the nation’s crude oil output, climbed to 5.49 million barrels a day in the period, the highest in monthly government data going back to 1981. Meanwhile, oil demand in the US surged to 20.8 million barrels a day, the highest-ever seasonal level, according to Energy Information Administration figures released Monday.