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US drillers pumped a record amount of oil in March, but the final number came in lower than government figures previously indicated.
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Total liquids production rose to an all-time high of 20.8 million barrels a day in March, up 3.1% from the previous month, the Energy Information Administration said Friday. The number, which includes both crude oil and natural gas liquids, came in roughly 180,000 barrels lower than the four-week average for the month of March indicated.
That record production may be set to fade in the coming months as a plunge in oil prices prompts explorers to trim rigs in the major shale formations. The EIA expects daily total liquids production will end the year at 20.4 million barrels a day.
Source: EIA
Monthly gasoline, diesel and jet fuel demand in March was in line with weekly estimates published by the EIA earlier this year. But compared to year-ago levels, gasoline demand was down 1.4%, diesel was up 6% and jet fuel was down 0.9%. Gasoline demand in March was at the lowest level since the Covid-19 pandemic.
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