U.S. Oil Production Continues to Decline
Washington, Rajab 13, 1437,- U.S. oil production continued to decline last week as low prices and strong supplies hit domestic producers, government data showed Wednesday.
The Energy Department’s weekly petroleum inventory report showed a 24,000-barrel drop in production to 8.95 million barrels per day (bpd). It was the second consecutive week below the 9 million bpd mark, and more than 600,000 barrels below the mid-2015 peak of just above 9.6 million bpd.
The report came days after a meeting on the oversupplied oil market between OPEC and non-OPEC producers-not including the United States-failed to produce a deal on freezing production.
The U.S. data showed that even if other producers are not reacting to low crude prices, U.S. drillers are.
Source: Saudi Press Agencyhttps://syrianewsgazette.com/u-s-oil-production-continues-to-decline/General