America’s oil production reached 8.783 million barrels a day in December, down 91,000 barrels a day.
An EIA report, published Tuesday, showed oil firms scaled down activity onshore. The federal agency said the level of crude production tumbled to 8.874 million barrels a day. It added December production declined following two months of surge.
When OPEC struck a deal in November to lower crude output, prices climbed around $10 each barrel, which may prod American oil companies to bolster drilling activities. Since then, the organization’s chief said all participating producers have delivered its pledge.
Meanwhile, the Energy Department is scheduled to unveil data indicating the basins that primarily caused revisions in oil production on a monthly basis.
The material has been provided by InstaForex Company – www.instaforex.com
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