US oil production increased by 13.8 million barrels from the week of January 27th (494.8 million barrels) to February 3rd (508.6 million barrels). The Energy Information Administration released that this was the second largest weekly climb on record for domestic oil production.
In global news, members of the Organization of the Petroleum Exporting Countries (OPEC) met in January to establish an agreement that aims to reduce current oil production. With global production decreasing, we can expect to see a tighter supply and demand balance with pricing becoming less volatile.
The chart above shows historical crude oil production and WTI crude oil prices on a weekly basis. On the week ending February 3rd 508.6 million barrels were produced while WTI crude price settled at $53.34, 13.8 millon barrels and .21 cents higher than the previous week ending on January 27th respectively.