U.S. crude oil output fell in December for first time in 5 months

28 Feb 2020

U.S. crude oil output fell in December for first time in 5 months

. Pump jacks operate at sunset in Midland NEW YORK U.S. crude oil output fell to 12.78 million barrels per day in December from 12.86 million bpd in November, the U.S. Energy Information Administration (EIA) said in a monthly report on Friday. U.S. crude production has soared due to technological advances for production from shale formations. Despite the decline in December, weekly production data from the EIA suggests that crude output has risen in January and February, setting a fresh record of 13 million bpd. Gasoline demand in December fell from a year earlier, according to the report. Demand dropped about 2.5% to 8.945 million bpd. This was a steeper decline than the 1% year-on-year drop seen in November. Demand for distillate fuel, which includes diesel and heating oil, fell 3% from the previous year to 3.901 million bpd, compared with a 0.4 percent decline seen in November.

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