Overview

• June production rose by 133,000 barrels per day from May and was 2.5% higher than a year earlier, the EIA’s Petroleum Supply Monthly shows.
• Weekly EIA reports had averaged 13.43 million bpd for June, underscoring the limits of fast model-driven estimates versus monthly survey and pipeline data.
• Regional details show New Mexico up 40,000 bpd to 2.24 million bpd and the Gulf of Mexico up 67,000 bpd, with Texas steady at 5.72 million bpd and California down 14% year over year to 259,000 bpd.
• Producers continue to lift output despite a lower rig count, aided by efficiency gains and the drawdown of drilled-but-uncompleted wells.
• The EIA also reported a record annual average of 13.3 million bpd in 2024 with a slower growth pace, a backdrop that coincides with added OPEC+ supply and easing demand growth.