US oil and gas production hits new record highs in August

US crude oil output rose 86,000 barrels per day to a record 13.8 million bpd, the EIA data showed. The previous record was in July, which the EIA now estimates at about 13.7 million bpd, up from a report last month that pegged July production at 13.6 million bpd.

Oil output from New Mexico, the second-largest oil producing state, hit a record 2.3 million bpd, while output from the federal offshore gulf region rose to 1.98 million bpd, the highest since February 2020.