U.S. oil output slips 0.5% in May to lowest since February – EIA
U.S. crude oil production slid in May by about 0.5% to its lowest since February, according to a monthly report from the U.S. Energy Information Administration on Friday.
Oil production fell to nearly 11.6 million barrels per day in May from 11.65 million bpd the month prior, the report showed.
Output, which has been recovering from the impact of the coronavirus pandemic, remains far below its record high of 12.3 million bpd in 2019.
Production in North Dakota rose 17.1% to about 1 million barrels per day in May, highest since March, the report showed.
New Mexico output fell 0.7% to 1.5 million barrels per day in May, lowest since March. Output in Texas fell 1% to 5 million barrels per day in May, lowest since February.
Monthly gross natural gas production in the U.S. Lower 48 states rose 1.1 billion cubic feet per day (bcfd) to a record 108.4 bcfd in May, the EIA said in its monthly 914 production report.
That topped the prior all-time high of 108.2 in November 2021.
In top gas producing states, monthly output rose 0.3% to a record 30.9 bcfd in Texas and 0.5% in Pennsylvania to 20.7 bcfd.
Pennsylvania output hit a record 21.9 bcfd in December 2021.
Demand for U.S. crude and petroleum products rose in May to about 20 million bpd, the highest since March, according to the EIA.
Demand for motor gasoline rose to 9.1 million bpd, the highest since August 2021, the EIA said.
Source: Reuters (Reporting by Stephanie Kelly and Scott DiSavino Editing by Marguerita Choy and David Gregorio)