US Production Holds Steady

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Oil production in the US held relatively steady in April, according to data from the US Energy Information Administration, as tentative shale growth mostly offset a dip in offshore volumes from the Gulf of Mexico. The monthly data shows that US oil production fell by about 19,000 b/d from March to average 11.169 million b/d in April. The minuscule dip keeps US oil output in the relatively narrow range of 11 million-11.2 million b/d for the fifth time out of the last six months as domestic producers stick to their commitments to prioritize capital discipline and shareholder returns over upstream growth (related). That commitment will be tested in the coming months as oil prices rise to multiyear highs.

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