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.

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.

Sourse: reuters.com


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