US oil production fell by an estimated 100,000 barrels per day last week to reach around 11 million barrels per day, the Energy Information Administration (EIA) said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 05th August, 2020) US oil production fell by an estimated 100,000 barrels per day last week to reach around 11 million barrels per day, the Energy Information Administration (EIA) said on Wednesday.
The EIA estimated a record high crude production of 13.1 million barrels per day in mid-March as the United States stood as the world's largest oil producer. In its latest update on supply-demand of petroleum for the week that ended on July 31, the EIA cited daily production at 2.1 million barrels below that high.
The new EIA update suggests that the collapse in drilling for crude triggered by the novel coronavirus crisis was continuing to take a toll on output.
US crude prices fell to minus $40 per barrel in late April, at the height of demand disruptions caused by the coronavirus pandemic, before returning to above $40 in June. They have held to those levels since.
