US crude production figures allay pipeline capacity concerns
The US became the world’s leading crude producer in August, with output of 11.3m barrels per day putting it 100,000 bpd ahead of estimates of Russian production. Output growth rates in Texas and New Mexico exceeded earlier estimates from the Energy Information Administration, which predicted that increasing price differences between Texas and Oklahoma, now at more than $16 per barrel, would dampen production increases
EIA says industry efficiencies in pipeline utilisation and increased trucking and rail transport allowed higher-than-expected production growth