Commodities Buzz: US Crude Oil Output Drops 8% In 2020 Says EIA

9 Aug 2022 , 05:05 PM

The Energy Information Administration or EIA stated in a latest update that US crude oil production fell by a record 8% in 2020. Production fell in 29 of the 32 states that produce crude oil, in part because of reduced demand for transportation fuels during the pandemic. One notable exception was in New Mexico, where crude oil production increased by 216 trillion Btu (an 11% increase from 2019). New Mexico became the nations second-largest crude oil-producing state in 2021. The US marketed natural gas production decreased by less than 1% in 2020, as natural gas demand and prices declined during a slightly warmer year. Marketed natural gas production in Oklahoma decreased by over 300 trillion Btu as shale production in the state fell by nearly 20%.Powered by Commodity Insights