U.S. production has remained surprisingly resilient amid the fall in oil prices, but data from the EIA today showed that production is beginning to come off at an increasingly fast pace. Total U.S. crude production averaged 8.933 MMBOPD in April, down 220 MBOPD from 9.155 MMBOPD in March, according to the EIA. The decrease is the largest drop in monthly production since the start of the downturn.
The decrease in U.S. production came primarily from onshore production in the Lower 48, which reported a decline of 142 MBOPD, or 2.4 percent, month-over-month. Major producers like Alaska, North Dakota, Texas and the Federal Offshore all showed significant declines of 4.3 percent, 6.0 percent, 1.4 percent and 3.0 percent, respectively. Total U.S. production is down 7.9 percent from April of last year.
Louisiana, Mississippi, Nevada, New Mexico, Pennsylvania and Utah all reported increased levels of production despite the lower total production in the country in April. Pennsylvania saw the largest uptick, producing 7.8 percent more month-over-month.
More Top Reads From Oilprice.com:
- Is Raymond James’ $80 Oil Realistic?
- Is Nigeria About To Drive Oil Prices Down
- ExxonMobil Backs Carbon Tax For Climate Change