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US Oil Production Remains Close to Record Level in June - EIA

Gasoil News - Published on Wed, 18 Sep 2019

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US Energy Information Administration, US crude production remained close to a record level in June but growth has slowed significantly since the end of last year in response to lower oil prices and the slowdown is set to extend into 2020. Crude output averaged 12.1 million barrels per day in June, essentially unchanged from record levels in May and April.

Nevertheless, the shale boom is moderating in response to the decline in oil prices since the start of the fourth quarter of 2018, and the deceleration is expected to continue through the remainder of 2019 and 2020. Output in the three months between April and June was up by almost 1.6 million bpd (15%) compared with a year earlier.

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Posted By : Rabi Wangkhem on Wed, 18 Sep 2019
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