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July 31, 2026
Chart of the Day
EOA: Both US Oil Production and Demand Declined in May, According to the EIA
Summary
Both US oil production and demand declined in May, according to the EIA. Crude oil production fell 253 kb/d to 13.714 mb/d (see Figure 1). Notably, production and demand dropped by virtually the same amount.
Most of the production decline stemmed from maintenance work and the connection of new pipelines, with the remainder linked to negative gas prices at Waha. The bulk of the drop—212 kb/d—occurred in the Gulf of Mexico, raising the likelihood of a strong rebound in June and July.
In the shale patch, Texas Permian production fell 52 kb/d, while the New Mexico portion rose 41 kb/d.
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