Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.
Benjamin Lowy | Getty Images
U.S. oil production surged by almost 600,000 barrels per day (bpd) in August, government data published Thursday showed, hitting a record of 12.4 million. The increase was largely due to a 30% surge in Gulf of Mexico output.
Meanwhile, a Reuters survey on OPEC production showed production rose by 690,000 bpd in October. That brought the Middle East-dominated group’s total supply back up…