US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024.
The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S. record oil production for December by about 40,000 barrels per day to 13.45million bpd.
The oil output in Texas, which is the largest U.S. state for oil production, dropped by 105,000 barrels per day (bpd) to 5,58 million bpd. This was the lowest level of the last three years. This was the biggest monthly drop in the state's southwest since January 2024.
New Mexico, second largest oil producer in the U.S. also reported its biggest monthly production decline in a decade. EIA data show that crude oil production in the state of New Mexico fell by 53,000 barrels per day (bpd) to 2.06 million bpd, its lowest level since July 20,24.
The agency reported that the U.S. Lower48 states' gross natural gas production fell by 1.7% in January to 116.3 billion cubic feet per day, from a record monthly high of 118.3 Bcfd the month before.
In January, the monthly production in Texas fell by 1.2% and reached 36.0 bcfd. Pennsylvania's output rose by 0.1% to 21.44 bcfd. Texas's record monthly production in December of 2024 was 36.4 Bcfd, while Pennsylvania reached its peak at 21.9 Bcfd. (Reporting and editing by Paul Simao, Shariq Khan in New York, Scott DiSavino).
(source: Reuters)
