US oil and gas production to decline in year ahead
The Marcellus is the most prolific gas formation in the US, but the rig count there has fallen. (Statoil)
Although there are tentative signs the steep declines in oil and gas production in the United States – a result of low prices – may be starting to level out, production will continue to fall in the coming months.
US oil production fell from a peak of around 9.6 million barrels per day (MMb/d) in July 2015 to around 8.5 MMb/d in July 2016, while gas production dropped from a peak of around 2.2 billion cubic metres per day in August 2015 to around 2.1 bcm/d in the week ending 3 August, recent data from the Energy Information Administration (EIA) show.