US oil output fell by an average of 58K barrels per day in December
|The US crude oil production averaged 11.063 million barrels per day in December 2020, marking a drop of 58,000 barrels per day from the preceding month, according to the Energy Information Administration's latest monthly report.
The decline seems more significant year-on-year. The average production in December 2019 was over 12.8 million barrels per day.
Output averaged just 9.7 million barrels per day in the week ended Feb. 19, according to EIA estimates. The dramatic weekly drop was likely due to the Texas Freeze, which curtailed refinery and crude oil production.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.