U.S. crude oil production jumped by 125 Mb/d in the week ended October 3 after an EIA re-benchmarking, bringing production to 13.63 MMb/d, the second-highest on record, as seen in the graph below.
The EIA recently released its monthly Short Term Energy Outlook (STEO), during which it reviews weekly domestic crude production estimates by comparing recent trends in the survey-based Petroleum Supply Monthly (PSM) with other current data.
When substantial discrepancies are identified, the EIA re-benchmarks the weekly estimates during the STEO release weeks. This week’s re-benchmarking resulted in a 120-Mb/d upward adjustment in domestic crude oil production.
