U.S. Oil Production Update — Week of November 4, 2026

United States crude oil production stands at 14.0 million barrels per day this week, maintaining its position as one of the highest output levels in recent history. This figure reflects continued activity across major producing basins, including the Permian Basin in Texas and New Mexico, as well as contributions from offshore Gulf of Mexico operations. At this level, the United States remains among the top crude oil producers in the world.

Week-over-week production increased by 723,000 barrels per day, which is a substantial single-week jump by historical standards. A gain of this size suggests either a surge in drilling completions, the return of previously offline capacity, or a combination of both. Increases of this magnitude can influence domestic supply expectations and may draw attention from traders and analysts watching for signs of oversupply or demand balance shifts in the weeks ahead.

West Texas Intermediate crude is currently priced at $99.64 per barrel, while Brent crude sits at $107.03 per barrel. The spread between the two benchmarks is approximately $7.39, which is on the wider side and often reflects differences in transportation costs, regional supply conditions, and global demand signals. Brent trading above $107 indicates that international markets continue to price in tight supply conditions, while WTI approaching $100 keeps domestic price pressure elevated for refiners and consumers.

Global oil production stands at 65.0 million barrels per day, a figure that sets the broader context for understanding where the United States fits within worldwide supply. With US output at 14.0 million barrels per day, American production accounts for roughly 21.5 percent of the global total. Next week, markets will be watching whether the sharp US production increase holds or pulls back, and whether global output shifts in response to current price levels and demand signals from major consuming nations.