US crude output hits record 13.95M bpd, refineries near capacity

EIA data shows US oil production reached 13.95 million barrels per day for the week ending September 4, a new all-time high, with refineries operating near full capacity. This continues the established trend of rising US output, but the record level underscores sustained supply growth amid global demand uncertainty. The development matters as it reinforces the US's role as a swing producer, potentially weighing on oil prices and influencing OPEC+ decisions.