Domestic crude oil output continues to rise while crude imports continue to decline, according to recent EIA numbers.

U.S. crude production passed the 8 MMbbl/d mark early this year for the first time since October 1988, and production appears to still be rising, according to a Barclays commodities research report reviewing the government numbers. EIA weekly estimates tend to be revised upward by the agency when it releases monthly numbers, the Barclays report noted.

“While weekly data are released in a timelier manner, they represent preliminary estimates and are not an ideal indicator of actual trends,” Barclays said. “In our view, monthly data are a more accurate barometer.”

Noteworthy revisions included higher numbers for Gulf of Mexico output, now hitting 1.3 MMbbl/d. Texas production neared the 3 MMbbl/d mark in EIA’s revised February numbers, a mark the state last achieved in 1977. That’s “higher than Iran produced in the same month,” Barclays noted.

In response, “U.S. crude oil imports reached an 18-year low of 7.2 MMbbl/d” in EIA’s more-complete February numbers, it added.

Meanwhile, the U.S. has become a net exporter of petroleum products, although the export surge hasn’t been as large as it could be due to rising domestic product demand. Barclays noted February gasoline demand rose 3.4% from the year-earlier month and diesel demand climbed an even steeper 5.2%. Jet fuel demand rose a little more than 4%, year over year. Those higher numbers differ sharply from EIA’s earlier, weekly estimates for the month that indicated lower domestic product demands.

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