EIA: U.S. crude production slows again in November

Production from U.S. oil fields slowed by 60,000 barrels per day in November, the second-straight month of declines, according to data from the U.S. Energy Information Adminsitration.

The latest release of federal data now puts total U.S. crude production at 9.17 million barrels per day, a fall of 410,000 bpd since peaking in April.

The decreasing U.S. production has reflected a pull back in drilling that has seen more than 1,000 rigs shut down across North America since peaking in Oct. 2014. Last week the count of active oil rigs fell by 10 to 545, the lowest mark since June 2010.

Some oil fields have seen greater cuts in drilling activity than others, with the Eagle Ford Shale in Texas and the Bakken Shale in North Dakota among the hardest hit. The most recent projection from the EIA is that the Eagle Ford will lose at least 436,000 bpd by December from the field’s 2015 peak. More than half of the active rigs in the Eagle Ford have fallen in that time as well, with just 62 rigs left drilling as of Dec. 4.

Despite the decline, the EIA upped its forecast for total production in 2015 to 9.33 million bpd, 40,000 bpd more than its previous prediction. The feds also revised their forecast for 2016 down by 10,000 bpd to 8.76 million bpd.

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