NEW YORK: US crude oil output fell by the most in two years during January following a severe winter storm that knocked production offline in large swathes of the country, data from the Energy Information Administration (EIA) shows.
US crude oil output fell 410,000 barrels per day (bpd) month-on-month (m-o-m) in January to 13.25 million bpd, the lowest since February 2025, the EIA data showed.
Total US crude oil and petroleum products consumption, meanwhile, fell 201,000 bpd to 20.7 million bpd in January, the lowest since November 2025, the EIA said.
Demand for petrol fell sharply during January’s winter storms. Product supplied, the EIA’s measure of demand, for finished petrol fell 501,000 bpd m-o-m to 8.3 million bpd, the lowest since January 2022.
Retail petrol prices crossed US$4 for 3.8 litres on Monday as the war upended global oil markets, which could add more pressure to fuel demand in the United States.
Demand for distillate fuels, which include diesel and heating oil, surged in January as consumption for power generation and space heating rose due to unusually low temperatures. — Reuters
