U.S. oil and gas production crash continues
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Written by: David Hunn
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American drillers recovered 8.7 million barrels per day of crude in June, according to department’s latest data. That’s a decline of 190,000 barrels per day, or 2 percent, from May, and 620,000 barrels, or 6 percent from a year earlier.
Texas, however, seems to be recovering from the oil price crash more quickly, thanks in part to the oil-rich and easy-drilling Permian Basin. Crude production fell to 3.2 million barrels per day in June of this year from 3.5 million barrels in June of last year, a drop of 8 percent, but appears to have slowed. June’s production fell less than 1 percent from May.
Texas gas figures were similar: They dropped 8 percent over the year, but less than one-half of a percent between May and June of this year.
Analysts Tudor Pickering Holt said on Thursday that onshore oil production in the lower 48 states is down nearly 1 million barrels per day since supply peaked in March last year. Lower 48 gas output has fallen nearly 2.6 billion cubic feet per day from the recent peak in February this year.