U.S. crude oil production came roaring back for the week ended October 23, reaching an all-time high of 14 MMb/d (far right of chart below), according to the EIA’s latest Weekly Petroleum Status Report (WPSR) released this morning. As discussed in this week’s Crude Oil Billboard, production in the Lower 48 skyrocketed 753 Mb/d week-over-week, largely reflecting the return of barrels previously shut in due to Hurricane Isaias. That makes the significant week-over-week jump more a story of restored barrels than a sudden acceleration in underlying supply growth. However, the previous all-time high of 13.98 MMb/d was just set three weeks ago, prior to the storm, as a trend of gradual growth can be seen over time the past year.
