EIA Paints Bearish Picture for Oil Market With Record Supply, Low Demand

U.S. crude oil production surged to an all-time high in March, reaching 13.488 million barrels per day, according to newly released monthly EIA data. That edges out the previous monthly record of 13.450 million bpd set in October 2024, and an increase over the 13.153 million bpd in February. The increase reflects steady momentum from the Permian and Gulf Coast operators—even as drilling activity slows elsewhere. But while the supply side flexed its muscle, demand told a different story. Total petroleum product supplied—a broad proxy…