Crude oil production in the United States stayed the same at 12.1 million bpd in the week ending July 29, according to the latest EIA data.
Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.
Crude oil production in the United States could reach 12.6 million barrels daily next year, which would be a record high on an annual-average basis
The EIA raised its production forecast once again on Tuesday, with U.S. production set to hit a record high in 2023.
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 2.4 million barrels for the week to January 21.