U.S. Oil Output Slides Below 12 Million Bbls/d In July: EIA
(Reuters) — U.S. crude oil output fell 276,000 bbls/d in July to 11.81 million bbls/d, its third monthly decline from its record high in April at 12.12 million bbls/d, according to a U.S. Energy Information Administration (EIA) monthly report released on Monday.
A majority of the drop in production came as federal offshore Gulf of Mexico production slid about 332,000 bbls/d to 1.58 million bbls/d, the data showed.
Output in North Dakota rose by 14,000 bbls/d to a record 1.41 million bbls/d while Texas production climbed by 40,000 bbls/d, rising above five million bbls/d for the first time since the agency began tracking output in 1981.
A shale boom, led by output increases in Texas and North Dakota, helped make the United States the biggest oil producer in the world, above Saudi Arabia and Russia.
However, the rate of growth has slowed this year as U.S. energy firms have reduced the number of oil rigs for a record 10th month in a row as producers follow through on plans to cut spending on new drilling this year.
Meanwhile, monthly gross natural gas production in the Lower 48 U.S. states rose to a fresh record high 101.34 bcf/d in July, compared with a revised 101.19 bcf/d in June, according to the EIA’s 914 report.
In Texas, the biggest gas producing state, output increased 1.8 per cent to a record high of 27.96 bcf/d from 27.46 bcf/d in June.
In Pennsylvania, the second-biggest gas-producing state, output edged higher by 1.9 per cent to 19.09 bcf/d from 18.73 bcf/d in June.
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