U.S. oil output fell 91,000 bpd in Dec to 8.783 million bpd: EIA
U.S. oil production in December fell 91,000 barrels per day
to 8.783 million bpd, according to data from the U.S. Energy Information
Administration released on Tuesday.
Oil companies pared activity onshore, with production in
North Dakota falling 17.6 percent and Texas down 5.8 percent from a year
earlier. Offshore, oil production rose, climbing 7.7 percent to 1.728 million
barrels a day in the offshore Gulf of Mexico.
Oil markets have been closely tracking U.S. crude output,
which is seen as a potential wildcard that could offset OPEC efforts to
rebalance the market after a two-year supply glut.
After the Organization of the Petroleum Exporting Countries
agreed in November to cut production, prices rose about $10 a barrel, which may
encourage U.S. producers to increase drilling.
U.S. drillers last week added oil rigs for the sixth
consecutive week, according to Baker Hughes Inc.
Crude output levels for November were revised down by 30,000
bpd to 8.874 million bpd.
The December output cut comes after two months of increases,
according to EIA data.
The Energy Department is set to release figures on Tuesday
that show which basins were primarily responsible for the month-on-month
changes in crude production.