US Oil Output Sees Decline: EIA

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Oil production in the US fell at the end of May to around 10.8 million b/d, according to estimates from the US Energy Information Administration’s (EIA) Weekly Petroleum Status Report. The numbers for the week ended May 28 showed a 200,000 b/d decline from the previous week, the largest weekly drop in more than three months. The total, rounded to the nearest 100,000 b/d, was the EIA’s lowest weekly tally since early March when domestic supply levels were still recovering from the deep freeze that shut in substantial production in Texas. Numbers had held flat for several weeks at around 11 million b/d despite a steady rise in oil prices, suggesting operators are making good on their promises to remain disciplined on spending to grow production. Crude output in the lower 48 states, which includes offshore operations in the US Gulf of Mexico, was also down by about 200,000 b/d in the week ended May 28 to average 10.4 million b/d. Net imports also rose during the week, by about 248,000 b/d, to hit just under 3.1 million b/d. Both imports and exports were down, but exports fell more sharply, by about 889,000 b/d. Total imports fell by 641,000 b/d. Imports totaled 5.6 million b/d while exports totaled 2.5 million b/d.

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