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.
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