Largest Crude Oil Increase Thumb - The Chemical Company

U.S. crude oil production falls 8% in 2020 — largest decrease on record

A recent Today in Energy article, published by the U.S. Energy Information Administration, announced the largest crude oil production decrease in the U.S. Energy Information Administration’s records. U.S. production fell from 12.2 million barrels per day (b/d) in 2019 to 11.3 million b/d in 2020, a decrease of 8%. Apparently, the production decline was the result of reduced drilling activity related to 2020 low oil prices.

Low crude prices were the result of the sudden drop in petroleum demand caused by the global response to the coronavirus (COVID-19) pandemic. The article explains in detail the production decreases from the major U.S. oil production centers in Texas, offshore Gulf of Mexico, North Dakota, and Oklahoma. The Permian Basin in New Mexico and western Texas was the only area in the country that showed a production increase with an impressive 1.04 million b/d, an increase of 15%.

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